0000772129 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:C000014927Member 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:C000109350Member 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:C000213373Member 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:C000014925Member 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:NonDiversifiedFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:EventDrivenRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005485Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000014927Member 2025-02-28 2025-02-28 0000772129 gmo:C000014927Member 2024-01-01 2024-12-31 0000772129 gmo:C000014927Member 2020-01-01 2024-12-31 0000772129 gmo:C000014927Member 2015-01-01 2024-12-31 0000772129 gmo:C000014927Member 2003-07-23 2024-12-31 0000772129 gmo:C000014927Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000014927Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000014927Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000014927Member oef:AfterTaxesOnDistributionsMember 2003-07-23 2024-12-31 0000772129 gmo:C000014927Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000014927Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000014927Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000014927Member oef:AfterTaxesOnDistributionsAndSalesMember 2003-07-23 2024-12-31 0000772129 gmo:C000014927Member gmo:ConsumerPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:ConsumerPriceIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:ConsumerPriceIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:ConsumerPriceIndexMember 2003-07-23 2024-12-31 0000772129 gmo:C000014927Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2003-07-23 2024-12-31 0000772129 gmo:C000014927Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:BloombergUSAggregateIndexMember 2003-07-23 2024-12-31 0000772129 gmo:C000014927Member gmo:MSCIWorldIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:MSCIWorldIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:MSCIWorldIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014927Member gmo:MSCIWorldIndexMember 2003-07-23 2024-12-31 0000772129 gmo:C000109350Member 2025-02-28 2025-02-28 0000772129 gmo:C000109350Member 2024-01-01 2024-12-31 0000772129 gmo:C000109350Member 2020-01-01 2024-12-31 0000772129 gmo:C000109350Member 2015-01-01 2024-12-31 0000772129 gmo:C000109350Member 2012-12-11 2024-12-31 0000772129 gmo:C000109350Member gmo:ConsumerPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000109350Member gmo:ConsumerPriceIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000109350Member gmo:ConsumerPriceIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000109350Member gmo:ConsumerPriceIndexMember 2012-12-11 2024-12-31 0000772129 gmo:C000109350Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000109350Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000109350Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000109350Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2012-12-11 2024-12-31 0000772129 gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000109350Member gmo:BloombergUSAggregateIndexMember 2012-12-11 2024-12-31 0000772129 gmo:MSCIWorldIndexMember 2024-01-01 2024-12-31 0000772129 gmo:MSCIWorldIndexMember 2020-01-01 2024-12-31 0000772129 gmo:MSCIWorldIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000109350Member gmo:MSCIWorldIndexMember 2012-12-11 2024-12-31 0000772129 gmo:C000213373Member 2025-02-28 2025-02-28 0000772129 gmo:C000213373Member 2024-01-01 2024-12-31 0000772129 gmo:C000213373Member 2020-01-01 2024-12-31 0000772129 gmo:C000213373Member 2015-01-01 2024-12-31 0000772129 gmo:C000213373Member 2020-05-01 2024-12-31 0000772129 gmo:C000213373Member gmo:ConsumerPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213373Member gmo:ConsumerPriceIndexMember 2020-05-01 2024-12-31 0000772129 gmo:C000213373Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213373Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2020-05-01 2024-12-31 0000772129 gmo:C000213373Member gmo:BloombergUSAggregateIndexMember 2020-05-01 2024-12-31 0000772129 gmo:C000213373Member gmo:MSCIWorldIndexMember 2020-05-01 2024-12-31 0000772129 gmo:C000014925Member 2025-02-28 2025-02-28 0000772129 gmo:C000014925Member 2024-01-01 2024-12-31 0000772129 gmo:C000014925Member 2020-01-01 2024-12-31 0000772129 gmo:C000014925Member 2015-01-01 2024-12-31 0000772129 gmo:C000014925Member 2019-08-08 2024-12-31 0000772129 gmo:C000014925Member gmo:ConsumerPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014925Member gmo:ConsumerPriceIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014925Member gmo:ConsumerPriceIndexMember 2019-08-08 2024-12-31 0000772129 gmo:C000014925Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014925Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014925Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2019-08-08 2024-12-31 0000772129 gmo:C000014925Member gmo:BloombergUSAggregateIndexMember 2019-08-08 2024-12-31 0000772129 gmo:C000014925Member gmo:MSCIWorldIndexMember 2019-08-08 2024-12-31 0000772129 gmo:S000005487Member 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:C000014933Member 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:C000213376Member 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:C000213377Member 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005487Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000014933Member 2025-02-28 2025-02-28 0000772129 gmo:C000014933Member 2024-01-01 2024-12-31 0000772129 gmo:C000014933Member 2020-01-01 2024-12-31 0000772129 gmo:C000014933Member 2015-01-01 2024-12-31 0000772129 gmo:C000014933Member 1996-06-28 2024-12-31 0000772129 gmo:C000014933Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000014933Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000014933Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000014933Member oef:AfterTaxesOnDistributionsMember 1996-06-28 2024-12-31 0000772129 gmo:C000014933Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000014933Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000014933Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000014933Member oef:AfterTaxesOnDistributionsAndSalesMember 1996-06-28 2024-12-31 0000772129 gmo:C000014933Member gmo:GMOGlobalAssetAllocationIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:GMOGlobalAssetAllocationIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:GMOGlobalAssetAllocationIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:GMOGlobalAssetAllocationIndexMember 1996-06-28 2024-12-31 0000772129 gmo:C000014933Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:MSCIACWIMember 2020-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:MSCIACWIMember 2015-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:MSCIACWIMember 1996-06-28 2024-12-31 0000772129 gmo:C000014933Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014933Member gmo:BloombergUSAggregateIndexMember 1996-06-28 2024-12-31 0000772129 gmo:C000213376Member 2025-02-28 2025-02-28 0000772129 gmo:C000213376Member 2024-01-01 2024-12-31 0000772129 gmo:C000213376Member 2020-01-01 2024-12-31 0000772129 gmo:C000213376Member 2015-01-01 2024-12-31 0000772129 gmo:C000213376Member 2019-09-30 2024-12-31 0000772129 gmo:C000213376Member gmo:GMOGlobalAssetAllocationIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213376Member gmo:GMOGlobalAssetAllocationIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000213376Member gmo:GMOGlobalAssetAllocationIndexMember 2019-09-30 2024-12-31 0000772129 gmo:C000213376Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000213376Member gmo:MSCIACWIMember 2020-01-01 2024-12-31 0000772129 gmo:C000213376Member gmo:MSCIACWIMember 2019-09-30 2024-12-31 0000772129 gmo:C000213376Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213376Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000213376Member gmo:BloombergUSAggregateIndexMember 2019-09-30 2024-12-31 0000772129 gmo:C000213377Member 2025-02-28 2025-02-28 0000772129 gmo:C000213377Member 2024-01-01 2024-12-31 0000772129 gmo:C000213377Member 2020-01-01 2024-12-31 0000772129 gmo:C000213377Member 2015-01-01 2024-12-31 0000772129 gmo:C000213377Member 2021-01-06 2024-12-31 0000772129 gmo:C000213377Member gmo:GMOGlobalAssetAllocationIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213377Member gmo:GMOGlobalAssetAllocationIndexMember 2021-01-06 2024-12-31 0000772129 gmo:C000213377Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000213377Member gmo:MSCIACWIMember 2021-01-06 2024-12-31 0000772129 gmo:C000213377Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213377Member gmo:BloombergUSAggregateIndexMember 2021-01-06 2024-12-31 0000772129 gmo:S000056707Member 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:C000179795Member 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:C000179796Member 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:C000179797Member 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:C000179798Member 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:C000213399Member 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:C000213398Member 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000056707Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000179795Member 2025-02-28 2025-02-28 0000772129 gmo:C000179795Member 2024-01-01 2024-12-31 0000772129 gmo:C000179795Member 2020-01-01 2024-12-31 0000772129 gmo:C000179795Member 2015-01-01 2024-12-31 0000772129 gmo:C000179795Member 2017-04-05 2024-12-31 0000772129 gmo:C000179795Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000179795Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000179795Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000179795Member oef:AfterTaxesOnDistributionsMember 2017-04-05 2024-12-31 0000772129 gmo:C000179795Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000179795Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000179795Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000179795Member oef:AfterTaxesOnDistributionsAndSalesMember 2017-04-05 2024-12-31 0000772129 gmo:C000179795Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000179795Member gmo:MSCIACWIMember 2020-01-01 2024-12-31 0000772129 gmo:C000179795Member gmo:MSCIACWIMember 2017-04-05 2024-12-31 0000772129 gmo:C000213399Member 2025-02-28 2025-02-28 0000772129 gmo:C000213399Member 2024-01-01 2024-12-31 0000772129 gmo:C000213399Member 2020-01-01 2024-12-31 0000772129 gmo:C000213399Member 2015-01-01 2024-12-31 0000772129 gmo:C000213399Member 2020-01-16 2024-12-31 0000772129 gmo:C000213399Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000213399Member gmo:MSCIACWIMember 2020-01-16 2024-12-31 0000772129 gmo:C000213398Member 2025-02-28 2025-02-28 0000772129 gmo:C000213398Member 2024-01-01 2024-12-31 0000772129 gmo:C000213398Member 2020-01-01 2024-12-31 0000772129 gmo:C000213398Member 2015-01-01 2024-12-31 0000772129 gmo:C000213398Member 2020-02-25 2024-12-31 0000772129 gmo:C000213398Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000213398Member gmo:MSCIACWIMember 2020-02-25 2024-12-31 0000772129 gmo:S000004911Member 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:C000013268Member 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:C000013269Member 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:C000013270Member 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:C000013271Member 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:C000013272Member 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:C000213362Member 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:C000213363Member 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004911Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000013268Member 2025-02-28 2025-02-28 0000772129 gmo:C000013268Member 2024-01-01 2024-12-31 0000772129 gmo:C000013268Member 2020-01-01 2024-12-31 0000772129 gmo:C000013268Member 2015-01-01 2024-12-31 0000772129 gmo:C000013268Member 1996-11-29 2024-12-31 0000772129 gmo:C000013268Member gmo:MSCIEmergingMarketsIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000013268Member gmo:MSCIEmergingMarketsIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000013268Member gmo:MSCIEmergingMarketsIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000013268Member gmo:MSCIEmergingMarketsIndexMember 1996-11-29 2024-12-31 0000772129 gmo:C000013269Member 2025-02-28 2025-02-28 0000772129 gmo:C000013269Member 2024-01-01 2024-12-31 0000772129 gmo:C000013269Member 2020-01-01 2024-12-31 0000772129 gmo:C000013269Member 2015-01-01 2024-12-31 0000772129 gmo:C000013269Member 1993-12-09 2024-12-31 0000772129 gmo:C000013269Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000013269Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000013269Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000013269Member oef:AfterTaxesOnDistributionsMember 1993-12-09 2024-12-31 0000772129 gmo:C000013269Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000013269Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000013269Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000013269Member oef:AfterTaxesOnDistributionsAndSalesMember 1993-12-09 2024-12-31 0000772129 gmo:C000013269Member gmo:MSCIEmergingMarketsIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000013269Member gmo:MSCIEmergingMarketsIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000013269Member gmo:MSCIEmergingMarketsIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000013269Member gmo:MSCIEmergingMarketsIndexMember 1993-12-09 2024-12-31 0000772129 gmo:C000013272Member 2025-02-28 2025-02-28 0000772129 gmo:C000013272Member 2024-01-01 2024-12-31 0000772129 gmo:C000013272Member 2020-01-01 2024-12-31 0000772129 gmo:C000013272Member 2015-01-01 2024-12-31 0000772129 gmo:C000013272Member 2003-06-30 2024-12-31 0000772129 gmo:C000013272Member gmo:MSCIEmergingMarketsIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000013272Member gmo:MSCIEmergingMarketsIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000013272Member gmo:MSCIEmergingMarketsIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000013272Member gmo:MSCIEmergingMarketsIndexMember 2003-06-30 2024-12-31 0000772129 gmo:C000213362Member 2025-02-28 2025-02-28 0000772129 gmo:C000213362Member 2024-01-01 2024-12-31 0000772129 gmo:C000213362Member 2020-01-01 2024-12-31 0000772129 gmo:C000213362Member 2015-01-01 2024-12-31 0000772129 gmo:C000213362Member 2020-03-31 2024-12-31 0000772129 gmo:C000213362Member gmo:MSCIEmergingMarketsIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213362Member gmo:MSCIEmergingMarketsIndexMember 2020-03-31 2024-12-31 0000772129 gmo:C000213363Member 2025-02-28 2025-02-28 0000772129 gmo:C000213363Member 2024-01-01 2024-12-31 0000772129 gmo:C000213363Member 2020-01-01 2024-12-31 0000772129 gmo:C000213363Member 2015-01-01 2024-12-31 0000772129 gmo:C000213363Member 2020-01-14 2024-12-31 0000772129 gmo:C000213363Member gmo:MSCIEmergingMarketsIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213363Member gmo:MSCIEmergingMarketsIndexMember 2020-01-14 2024-12-31 0000772129 gmo:S000072426Member 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:C000228648Member 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:C000228647Member 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:C000228649Member 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:C000228644Member 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:C000228643Member 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:C000228645Member 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:C000228646Member 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000072426Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000228647Member 2025-02-28 2025-02-28 0000772129 gmo:C000228647Member 2024-01-01 2024-12-31 0000772129 gmo:C000228647Member 2020-01-01 2024-12-31 0000772129 gmo:C000228647Member 2015-01-01 2024-12-31 0000772129 gmo:C000228647Member 2021-11-17 2024-12-31 0000772129 gmo:C000228647Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000228647Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000228647Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000228647Member oef:AfterTaxesOnDistributionsMember 2021-11-17 2024-12-31 0000772129 gmo:C000228647Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000228647Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000228647Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000228647Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-11-17 2024-12-31 0000772129 gmo:C000228647Member gmo:MSCIEmergingMarketsexChinaIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000228647Member gmo:MSCIEmergingMarketsexChinaIndexMember 2021-11-17 2024-12-31 0000772129 gmo:C000228643Member 2025-02-28 2025-02-28 0000772129 gmo:C000228643Member 2024-01-01 2024-12-31 0000772129 gmo:C000228643Member 2020-01-01 2024-12-31 0000772129 gmo:C000228643Member 2015-01-01 2024-12-31 0000772129 gmo:C000228643Member 2021-10-18 2024-12-31 0000772129 gmo:C000228643Member gmo:MSCIEmergingMarketsexChinaIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000228643Member gmo:MSCIEmergingMarketsexChinaIndexMember 2021-10-18 2024-12-31 0000772129 gmo:S000005490Member 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:C000014938Member 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:C000213380Member 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:C000213381Member 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005490Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000014938Member 2025-02-28 2025-02-28 0000772129 gmo:C000014938Member 2024-01-01 2024-12-31 0000772129 gmo:C000014938Member 2020-01-01 2024-12-31 0000772129 gmo:C000014938Member 2015-01-01 2024-12-31 0000772129 gmo:C000014938Member 2005-06-16 2024-12-31 0000772129 gmo:C000014938Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000014938Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000014938Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000014938Member oef:AfterTaxesOnDistributionsMember 2005-06-16 2024-12-31 0000772129 gmo:C000014938Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000014938Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000014938Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000014938Member oef:AfterTaxesOnDistributionsAndSalesMember 2005-06-16 2024-12-31 0000772129 gmo:C000014938Member gmo:MSCIWorldIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014938Member gmo:MSCIWorldIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014938Member gmo:MSCIWorldIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014938Member gmo:MSCIWorldIndexMember 2005-06-16 2024-12-31 0000772129 gmo:S000005488Member 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:C000014936Member 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:C000213379Member 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:C000213378Member 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005488Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000014936Member 2025-02-28 2025-02-28 0000772129 gmo:C000014936Member 2024-01-01 2024-12-31 0000772129 gmo:C000014936Member 2020-01-01 2024-12-31 0000772129 gmo:C000014936Member 2015-01-01 2024-12-31 0000772129 gmo:C000014936Member 1996-11-26 2024-12-31 0000772129 gmo:C000014936Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000014936Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000014936Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000014936Member oef:AfterTaxesOnDistributionsMember 1996-11-26 2024-12-31 0000772129 gmo:C000014936Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000014936Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000014936Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000014936Member oef:AfterTaxesOnDistributionsAndSalesMember 1996-11-26 2024-12-31 0000772129 gmo:C000014936Member gmo:MSCIACWIPlusMember 2024-01-01 2024-12-31 0000772129 gmo:C000014936Member gmo:MSCIACWIPlusMember 2020-01-01 2024-12-31 0000772129 gmo:C000014936Member gmo:MSCIACWIPlusMember 2015-01-01 2024-12-31 0000772129 gmo:C000014936Member gmo:MSCIACWIPlusMember 1996-11-26 2024-12-31 0000772129 gmo:C000014936Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000014936Member gmo:MSCIACWIMember 2020-01-01 2024-12-31 0000772129 gmo:C000014936Member gmo:MSCIACWIMember 2015-01-01 2024-12-31 0000772129 gmo:C000014936Member gmo:MSCIACWIMember 1996-11-26 2024-12-31 0000772129 gmo:C000213379Member 2025-02-28 2025-02-28 0000772129 gmo:C000213379Member 2024-01-01 2024-12-31 0000772129 gmo:C000213379Member 2020-01-01 2024-12-31 0000772129 gmo:C000213379Member 2015-01-01 2024-12-31 0000772129 gmo:C000213379Member 2020-07-15 2024-12-31 0000772129 gmo:C000213379Member gmo:MSCIACWIPlusMember 2024-01-01 2024-12-31 0000772129 gmo:C000213379Member gmo:MSCIACWIPlusMember 2020-07-15 2024-12-31 0000772129 gmo:C000213379Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000213379Member gmo:MSCIACWIMember 2020-07-15 2024-12-31 0000772129 gmo:C000213378Member 2025-02-28 2025-02-28 0000772129 gmo:C000213378Member 2024-01-01 2024-12-31 0000772129 gmo:C000213378Member 2020-01-01 2024-12-31 0000772129 gmo:C000213378Member 2015-01-01 2024-12-31 0000772129 gmo:C000213378Member 2020-08-17 2024-12-31 0000772129 gmo:C000213378Member gmo:MSCIACWIPlusMember 2024-01-01 2024-12-31 0000772129 gmo:C000213378Member gmo:MSCIACWIPlusMember 2020-08-17 2024-12-31 0000772129 gmo:C000213378Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000213378Member gmo:MSCIACWIMember 2020-08-17 2024-12-31 0000772129 gmo:S000012211Member 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:C000033342Member 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:C000213387Member 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:C000213386Member 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000012211Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000033342Member 2025-02-28 2025-02-28 0000772129 gmo:C000033342Member 2024-01-01 2024-12-31 0000772129 gmo:C000033342Member 2020-01-01 2024-12-31 0000772129 gmo:C000033342Member 2015-01-01 2024-12-31 0000772129 gmo:C000033342Member 2006-06-05 2024-12-31 0000772129 gmo:C000033342Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000033342Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000033342Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000033342Member oef:AfterTaxesOnDistributionsMember 2006-06-05 2024-12-31 0000772129 gmo:C000033342Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000033342Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000033342Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000033342Member oef:AfterTaxesOnDistributionsAndSalesMember 2006-06-05 2024-12-31 0000772129 gmo:C000033342Member gmo:MSCIEAFEIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000033342Member gmo:MSCIEAFEIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000033342Member gmo:MSCIEAFEIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000033342Member gmo:MSCIEAFEIndexMember 2006-06-05 2024-12-31 0000772129 gmo:C000213387Member 2025-02-28 2025-02-28 0000772129 gmo:C000213387Member 2024-01-01 2024-12-31 0000772129 gmo:C000213387Member 2020-01-01 2024-12-31 0000772129 gmo:C000213387Member 2015-01-01 2024-12-31 0000772129 gmo:C000213387Member 2021-01-22 2024-12-31 0000772129 gmo:C000213387Member gmo:MSCIEAFEIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213387Member gmo:MSCIEAFEIndexMember 2021-01-22 2024-12-31 0000772129 gmo:S000005486Member 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:C000014930Member 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:C000213374Member 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:C000213375Member 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005486Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000014930Member 2025-02-28 2025-02-28 0000772129 gmo:C000014930Member 2024-01-01 2024-12-31 0000772129 gmo:C000014930Member 2020-01-01 2024-12-31 0000772129 gmo:C000014930Member 2015-01-01 2024-12-31 0000772129 gmo:C000014930Member 1996-10-11 2024-12-31 0000772129 gmo:C000014930Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000014930Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000014930Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000014930Member oef:AfterTaxesOnDistributionsMember 1996-10-11 2024-12-31 0000772129 gmo:C000014930Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000014930Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000014930Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000014930Member oef:AfterTaxesOnDistributionsAndSalesMember 1996-10-11 2024-12-31 0000772129 gmo:C000014930Member gmo:MSCIACWIexUSAMember 2024-01-01 2024-12-31 0000772129 gmo:C000014930Member gmo:MSCIACWIexUSAMember 2020-01-01 2024-12-31 0000772129 gmo:C000014930Member gmo:MSCIACWIexUSAMember 2015-01-01 2024-12-31 0000772129 gmo:C000014930Member gmo:MSCIACWIexUSAMember 1996-10-11 2024-12-31 0000772129 gmo:C000213374Member 2025-02-28 2025-02-28 0000772129 gmo:C000213374Member 2024-01-01 2024-12-31 0000772129 gmo:C000213374Member 2020-01-01 2024-12-31 0000772129 gmo:C000213374Member 2015-01-01 2024-12-31 0000772129 gmo:C000213374Member 2019-08-30 2024-12-31 0000772129 gmo:C000213374Member gmo:MSCIACWIexUSAMember 2024-01-01 2024-12-31 0000772129 gmo:C000213374Member gmo:MSCIACWIexUSAMember 2020-01-01 2024-12-31 0000772129 gmo:C000213374Member gmo:MSCIACWIexUSAMember 2019-08-30 2024-12-31 0000772129 gmo:S000004224Member 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:C000011880Member 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:C000011881Member 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:C000011882Member 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:C000213359Member 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:C000213358Member 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004224Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000011881Member 2025-02-28 2025-02-28 0000772129 gmo:C000011881Member 2024-01-01 2024-12-31 0000772129 gmo:C000011881Member 2020-01-01 2024-12-31 0000772129 gmo:C000011881Member 2015-01-01 2024-12-31 0000772129 gmo:C000011881Member 1987-03-31 2024-12-31 0000772129 gmo:C000011881Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000011881Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000011881Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000011881Member oef:AfterTaxesOnDistributionsMember 1987-03-31 2024-12-31 0000772129 gmo:C000011881Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000011881Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000011881Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000011881Member oef:AfterTaxesOnDistributionsAndSalesMember 1987-03-31 2024-12-31 0000772129 gmo:C000011881Member gmo:MSCIEAFEIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000011881Member gmo:MSCIEAFEIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000011881Member gmo:MSCIEAFEIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000011881Member gmo:MSCIEAFEIndexMember 1987-03-31 2024-12-31 0000772129 gmo:C000011882Member 2025-02-28 2025-02-28 0000772129 gmo:C000011882Member 2024-01-01 2024-12-31 0000772129 gmo:C000011882Member 2020-01-01 2024-12-31 0000772129 gmo:C000011882Member 2015-01-01 2024-12-31 0000772129 gmo:C000011882Member 1998-01-09 2024-12-31 0000772129 gmo:C000011882Member gmo:MSCIEAFEIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000011882Member gmo:MSCIEAFEIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000011882Member gmo:MSCIEAFEIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000011882Member gmo:MSCIEAFEIndexMember 1998-01-09 2024-12-31 0000772129 gmo:C000213358Member 2025-02-28 2025-02-28 0000772129 gmo:C000213358Member 2024-01-01 2024-12-31 0000772129 gmo:C000213358Member 2020-01-01 2024-12-31 0000772129 gmo:C000213358Member 2015-01-01 2024-12-31 0000772129 gmo:C000213358Member 2021-05-24 2024-12-31 0000772129 gmo:C000213358Member gmo:MSCIEAFEIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213358Member gmo:MSCIEAFEIndexMember 1998-01-09 2024-12-31 0000772129 gmo:S000004913Member 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:C000013282Member 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:C000013283Member 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:C000213365Member 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:C000213364Member 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004913Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000013282Member 2025-02-28 2025-02-28 0000772129 gmo:C000013282Member 2024-01-01 2024-12-31 0000772129 gmo:C000013282Member 2020-01-01 2024-12-31 0000772129 gmo:C000013282Member 2015-01-01 2024-12-31 0000772129 gmo:C000013282Member 1998-07-29 2024-12-31 0000772129 gmo:C000013282Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000013282Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000013282Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000013282Member oef:AfterTaxesOnDistributionsMember 1998-07-29 2024-12-31 0000772129 gmo:C000013282Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000013282Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000013282Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000013282Member oef:AfterTaxesOnDistributionsAndSalesMember 1998-07-29 2024-12-31 0000772129 gmo:C000013282Member gmo:MSCIWorldexUSAValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000013282Member gmo:MSCIWorldexUSAValueIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000013282Member gmo:MSCIWorldexUSAValueIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000013282Member gmo:MSCIWorldexUSAValueIndexMember 1998-07-29 2024-12-31 0000772129 gmo:C000013282Member gmo:MSCIWorldexUSAIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000013282Member gmo:MSCIWorldexUSAIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000013282Member gmo:MSCIWorldexUSAIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000013282Member gmo:MSCIWorldexUSAIndexMember 1998-07-29 2024-12-31 0000772129 gmo:C000013283Member 2025-02-28 2025-02-28 0000772129 gmo:C000013283Member 2024-01-01 2024-12-31 0000772129 gmo:C000013283Member 2020-01-01 2024-12-31 0000772129 gmo:C000013283Member 2015-01-01 2024-12-31 0000772129 gmo:C000013283Member 2023-09-25 2024-12-31 0000772129 gmo:C000013283Member gmo:MSCIWorldexUSAValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000013283Member gmo:MSCIWorldexUSAValueIndexMember 2023-09-25 2024-12-31 0000772129 gmo:C000013283Member gmo:MSCIWorldexUSAIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000013283Member gmo:MSCIWorldexUSAIndexMember 2023-09-25 2024-12-31 0000772129 gmo:C000213364Member 2025-02-28 2025-02-28 0000772129 gmo:C000213364Member 2024-01-01 2024-12-31 0000772129 gmo:C000213364Member 2020-01-01 2024-12-31 0000772129 gmo:C000213364Member 2015-01-01 2024-12-31 0000772129 gmo:C000213364Member 2023-08-14 2024-12-31 0000772129 gmo:C000213364Member gmo:MSCIWorldexUSAValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213364Member gmo:MSCIWorldexUSAValueIndexMember 2023-08-14 2024-12-31 0000772129 gmo:C000213364Member gmo:MSCIWorldexUSAIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213364Member gmo:MSCIWorldexUSAIndexMember 2023-08-14 2024-12-31 0000772129 gmo:S000069850Member 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:C000222625Member 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:C000222626Member 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:C000222624Member 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:C000222627Member 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:C000222631Member 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:C000222630Member 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000069850Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000222625Member 2025-02-28 2025-02-28 0000772129 gmo:C000222625Member 2024-01-01 2024-12-31 0000772129 gmo:C000222625Member 2020-01-01 2024-12-31 0000772129 gmo:C000222625Member 2015-01-01 2024-12-31 0000772129 gmo:C000222625Member 2021-12-30 2024-12-31 0000772129 gmo:C000222625Member gmo:TokyoStockPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000222625Member gmo:TokyoStockPriceIndexMember 2021-12-30 2024-12-31 0000772129 gmo:C000222627Member 2025-02-28 2025-02-28 0000772129 gmo:C000222627Member 2024-01-01 2024-12-31 0000772129 gmo:C000222627Member 2020-01-01 2024-12-31 0000772129 gmo:C000222627Member 2015-01-01 2024-12-31 0000772129 gmo:C000222627Member 2020-09-14 2024-12-31 0000772129 gmo:C000222627Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000222627Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000222627Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000222627Member oef:AfterTaxesOnDistributionsMember 2020-09-14 2024-12-31 0000772129 gmo:C000222627Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000222627Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000222627Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000222627Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-09-14 2024-12-31 0000772129 gmo:C000222627Member gmo:TokyoStockPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000222627Member gmo:TokyoStockPriceIndexMember 2020-09-14 2024-12-31 0000772129 gmo:C000222630Member 2025-02-28 2025-02-28 0000772129 gmo:C000222630Member 2024-01-01 2024-12-31 0000772129 gmo:C000222630Member 2020-01-01 2024-12-31 0000772129 gmo:C000222630Member 2015-01-01 2024-12-31 0000772129 gmo:C000222630Member 2021-06-07 2024-12-31 0000772129 gmo:C000222630Member gmo:TokyoStockPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000222630Member gmo:TokyoStockPriceIndexMember 2021-06-07 2024-12-31 0000772129 gmo:S000004084Member 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:C000011437Member 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:C000011438Member 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:C000011439Member 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:C000011440Member 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:C000213357Member 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:C000213356Member 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004084Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000011437Member 2025-02-28 2025-02-28 0000772129 gmo:C000011437Member 2024-01-01 2024-12-31 0000772129 gmo:C000011437Member 2020-01-01 2024-12-31 0000772129 gmo:C000011437Member 2015-01-01 2024-12-31 0000772129 gmo:C000011437Member 2004-02-06 2024-12-31 0000772129 gmo:C000011437Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000011437Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000011437Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000011437Member oef:AfterTaxesOnDistributionsMember 2004-02-06 2024-12-31 0000772129 gmo:C000011437Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000011437Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000011437Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000011437Member oef:AfterTaxesOnDistributionsAndSalesMember 2004-02-06 2024-12-31 0000772129 gmo:C000011437Member gmo:SandP500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000011437Member gmo:SandP500IndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000011437Member gmo:SandP500IndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000011437Member gmo:SandP500IndexMember 2004-02-06 2024-12-31 0000772129 gmo:C000011438Member 2025-02-28 2025-02-28 0000772129 gmo:C000011438Member 2024-01-01 2024-12-31 0000772129 gmo:C000011438Member 2020-01-01 2024-12-31 0000772129 gmo:C000011438Member 2015-01-01 2024-12-31 0000772129 gmo:C000011438Member 2004-02-06 2024-12-31 0000772129 gmo:C000011438Member gmo:SandP500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000011438Member gmo:SandP500IndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000011438Member gmo:SandP500IndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000011438Member gmo:SandP500IndexMember 2004-02-06 2024-12-31 0000772129 gmo:C000011440Member 2025-02-28 2025-02-28 0000772129 gmo:C000011440Member 2024-01-01 2024-12-31 0000772129 gmo:C000011440Member 2020-01-01 2024-12-31 0000772129 gmo:C000011440Member 2015-01-01 2024-12-31 0000772129 gmo:C000011440Member 2006-12-08 2024-12-31 0000772129 gmo:C000011440Member gmo:SandP500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000011440Member gmo:SandP500IndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000011440Member gmo:SandP500IndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000011440Member gmo:SandP500IndexMember 2006-12-08 2024-12-31 0000772129 gmo:C000213357Member 2025-02-28 2025-02-28 0000772129 gmo:C000213357Member 2024-01-01 2024-12-31 0000772129 gmo:C000213357Member 2020-01-01 2024-12-31 0000772129 gmo:C000213357Member 2015-01-01 2024-12-31 0000772129 gmo:C000213357Member 2019-11-12 2024-12-31 0000772129 gmo:C000213357Member gmo:SandP500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213357Member gmo:SandP500IndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000213357Member gmo:SandP500IndexMember 2019-11-12 2024-12-31 0000772129 gmo:C000213356Member 2025-02-28 2025-02-28 0000772129 gmo:C000213356Member 2024-01-01 2024-12-31 0000772129 gmo:C000213356Member 2020-01-01 2024-12-31 0000772129 gmo:C000213356Member 2015-01-01 2024-12-31 0000772129 gmo:C000213356Member 2019-09-26 2024-12-31 0000772129 gmo:C000213356Member gmo:SandP500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213356Member gmo:SandP500IndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000213356Member gmo:SandP500IndexMember 2019-09-26 2024-12-31 0000772129 gmo:S000034948Member 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:C000107485Member 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:C000107486Member 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:C000107487Member 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:C000107488Member 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:C000213393Member 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:C000213392Member 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000034948Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000107485Member 2025-02-28 2025-02-28 0000772129 gmo:C000107485Member 2024-01-01 2024-12-31 0000772129 gmo:C000107485Member 2020-01-01 2024-12-31 0000772129 gmo:C000107485Member 2015-01-01 2024-12-31 0000772129 gmo:C000107485Member 2011-12-28 2024-12-31 0000772129 gmo:C000107485Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000107485Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000107485Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000107485Member oef:AfterTaxesOnDistributionsMember 2011-12-28 2024-12-31 0000772129 gmo:C000107485Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000107485Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000107485Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000107485Member oef:AfterTaxesOnDistributionsAndSalesMember 2011-12-28 2024-12-31 0000772129 gmo:C000107485Member gmo:MSCIACWICommodityProducersIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000107485Member gmo:MSCIACWICommodityProducersIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000107485Member gmo:MSCIACWICommodityProducersIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000107485Member gmo:MSCIACWICommodityProducersIndexMember 2011-12-28 2024-12-31 0000772129 gmo:C000107485Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000107485Member gmo:MSCIACWIMember 2020-01-01 2024-12-31 0000772129 gmo:C000107485Member gmo:MSCIACWIMember 2015-01-01 2024-12-31 0000772129 gmo:C000107485Member gmo:MSCIACWIMember 2011-12-28 2024-12-31 0000772129 gmo:C000107486Member 2025-02-28 2025-02-28 0000772129 gmo:C000107486Member 2024-01-01 2024-12-31 0000772129 gmo:C000107486Member 2020-01-01 2024-12-31 0000772129 gmo:C000107486Member 2015-01-01 2024-12-31 0000772129 gmo:C000107486Member 2013-03-20 2024-12-31 0000772129 gmo:C000107486Member gmo:MSCIACWICommodityProducersIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000107486Member gmo:MSCIACWICommodityProducersIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000107486Member gmo:MSCIACWICommodityProducersIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000107486Member gmo:MSCIACWICommodityProducersIndexMember 2013-03-20 2024-12-31 0000772129 gmo:C000107486Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000107486Member gmo:MSCIACWIMember 2020-01-01 2024-12-31 0000772129 gmo:C000107486Member gmo:MSCIACWIMember 2015-01-01 2024-12-31 0000772129 gmo:C000107486Member gmo:MSCIACWIMember 2013-03-20 2024-12-31 0000772129 gmo:C000107488Member 2025-02-28 2025-02-28 0000772129 gmo:C000107488Member 2024-01-01 2024-12-31 0000772129 gmo:C000107488Member 2020-01-01 2024-12-31 0000772129 gmo:C000107488Member 2015-01-01 2024-12-31 0000772129 gmo:C000107488Member 2022-02-08 2024-12-31 0000772129 gmo:C000107488Member gmo:MSCIACWICommodityProducersIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000107488Member gmo:MSCIACWICommodityProducersIndexMember 2022-02-08 2024-12-31 0000772129 gmo:C000107488Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000107488Member gmo:MSCIACWIMember 2022-02-08 2024-12-31 0000772129 gmo:C000213393Member 2025-02-28 2025-02-28 0000772129 gmo:C000213393Member 2024-01-01 2024-12-31 0000772129 gmo:C000213393Member 2020-01-01 2024-12-31 0000772129 gmo:C000213393Member 2015-01-01 2024-12-31 0000772129 gmo:C000213393Member 2021-01-22 2024-12-31 0000772129 gmo:C000213393Member gmo:MSCIACWICommodityProducersIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213393Member gmo:MSCIACWICommodityProducersIndexMember 2021-01-22 2024-12-31 0000772129 gmo:C000213393Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000213393Member gmo:MSCIACWIMember 2021-01-22 2024-12-31 0000772129 gmo:C000213392Member 2025-02-28 2025-02-28 0000772129 gmo:C000213392Member 2024-01-01 2024-12-31 0000772129 gmo:C000213392Member 2020-01-01 2024-12-31 0000772129 gmo:C000213392Member 2015-01-01 2024-12-31 0000772129 gmo:C000213392Member 2021-01-22 2024-12-31 0000772129 gmo:C000213392Member gmo:MSCIACWICommodityProducersIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213392Member gmo:MSCIACWICommodityProducersIndexMember 2021-01-22 2024-12-31 0000772129 gmo:C000213392Member gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:C000213392Member gmo:MSCIACWIMember 2021-01-22 2024-12-31 0000772129 gmo:S000079719Member 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:C000241001Member 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:C000241002Member 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:C000241004Member 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:C000241005Member 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:C000241003Member 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:C000241006Member 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079719Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000241005Member 2025-02-28 2025-02-28 0000772129 gmo:C000241005Member 2024-01-01 2024-12-31 0000772129 gmo:C000241005Member 2020-01-01 2024-12-31 0000772129 gmo:C000241005Member 2015-01-01 2024-12-31 0000772129 gmo:C000241005Member 2023-02-15 2024-12-31 0000772129 gmo:C000241005Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000241005Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000241005Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000241005Member oef:AfterTaxesOnDistributionsMember 2023-02-15 2024-12-31 0000772129 gmo:C000241005Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000241005Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000241005Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000241005Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-02-15 2024-12-31 0000772129 gmo:MSCIACWICommodityProducersIndexMember 2024-01-01 2024-12-31 0000772129 gmo:MSCIACWICommodityProducersIndexMember 2023-02-15 2024-12-31 0000772129 gmo:MSCIACWIMember 2024-01-01 2024-12-31 0000772129 gmo:MSCIACWIMember 2023-02-15 2024-12-31 0000772129 gmo:S000077554Member 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:C000238041Member 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:C000238038Member 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:C000238040Member 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:C000238042Member 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:C000238037Member 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:C000238039Member 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000077554Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000238041Member 2025-02-28 2025-02-28 0000772129 gmo:C000238041Member 2024-01-01 2024-12-31 0000772129 gmo:C000238041Member 2020-01-01 2024-12-31 0000772129 gmo:C000238041Member 2015-01-01 2024-12-31 0000772129 gmo:C000238041Member 2022-11-15 2024-12-31 0000772129 gmo:C000238041Member gmo:SandPSmallCap600IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000238041Member gmo:SandPSmallCap600IndexMember 2022-11-15 2024-12-31 0000772129 gmo:C000238041Member gmo:SandPComposite1500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000238041Member gmo:SandPComposite1500IndexMember 2022-11-15 2024-12-31 0000772129 gmo:C000238042Member 2025-02-28 2025-02-28 0000772129 gmo:C000238042Member 2024-01-01 2024-12-31 0000772129 gmo:C000238042Member 2020-01-01 2024-12-31 0000772129 gmo:C000238042Member 2015-01-01 2024-12-31 0000772129 gmo:C000238042Member 2022-09-20 2024-12-31 0000772129 gmo:C000238042Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000238042Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000238042Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000238042Member oef:AfterTaxesOnDistributionsMember 2022-09-20 2024-12-31 0000772129 gmo:C000238042Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000238042Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000238042Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000238042Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-09-20 2024-12-31 0000772129 gmo:C000238042Member gmo:SandPSmallCap600IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000238042Member gmo:SandPSmallCap600IndexMember 2022-09-20 2024-12-31 0000772129 gmo:C000238042Member gmo:SandPComposite1500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000238042Member gmo:SandPComposite1500IndexMember 2022-09-20 2024-12-31 0000772129 gmo:C000238039Member 2025-02-28 2025-02-28 0000772129 gmo:C000238039Member 2024-01-01 2024-12-31 0000772129 gmo:C000238039Member 2020-01-01 2024-12-31 0000772129 gmo:C000238039Member 2015-01-01 2024-12-31 0000772129 gmo:C000238039Member 2022-11-15 2024-12-31 0000772129 gmo:C000238039Member gmo:SandPSmallCap600IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000238039Member gmo:SandPSmallCap600IndexMember 2022-11-15 2024-12-31 0000772129 gmo:C000238039Member gmo:SandPComposite1500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000238039Member gmo:SandPComposite1500IndexMember 2022-11-15 2024-12-31 0000772129 gmo:S000004081Member 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:C000011423Member 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:C000011424Member 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:C000011425Member 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:C000011426Member 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:C000213354Member 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:C000213355Member 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004081Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000011423Member 2025-02-28 2025-02-28 0000772129 gmo:C000011423Member 2024-01-01 2024-12-31 0000772129 gmo:C000011423Member 2020-01-01 2024-12-31 0000772129 gmo:C000011423Member 2015-01-01 2024-12-31 0000772129 gmo:C000011423Member 1985-09-18 2024-12-31 0000772129 gmo:C000011423Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000011423Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000011423Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000011423Member oef:AfterTaxesOnDistributionsMember 1985-09-18 2024-12-31 0000772129 gmo:C000011423Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000011423Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000011423Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000011423Member oef:AfterTaxesOnDistributionsAndSalesMember 1985-09-18 2024-12-31 0000772129 gmo:C000011423Member gmo:SPComposite1500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000011423Member gmo:SPComposite1500IndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000011423Member gmo:SPComposite1500IndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000011426Member 2025-02-28 2025-02-28 0000772129 gmo:C000011426Member 2024-01-01 2024-12-31 0000772129 gmo:C000011426Member 2020-01-01 2024-12-31 0000772129 gmo:C000011426Member 2015-01-01 2024-12-31 0000772129 gmo:C000011426Member 2003-06-30 2024-12-31 0000772129 gmo:C000011426Member gmo:SPComposite1500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000011426Member gmo:SPComposite1500IndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000011426Member gmo:SPComposite1500IndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000011426Member gmo:SPComposite1500IndexMember 2003-06-30 2024-12-31 0000772129 gmo:S000079720Member 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:C000241007Member 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:C000241008Member 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:C000241010Member 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:C000241011Member 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:C000241009Member 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:C000241012Member 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000079720Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000241007Member 2025-02-28 2025-02-28 0000772129 gmo:C000241007Member 2024-01-01 2024-12-31 0000772129 gmo:C000241007Member 2020-01-01 2024-12-31 0000772129 gmo:C000241007Member 2015-01-01 2024-12-31 0000772129 gmo:C000241007Member 2023-02-15 2024-12-31 0000772129 gmo:C000241007Member gmo:MSCIUSAValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241007Member gmo:MSCIUSAValueIndexMember 2023-02-15 2024-12-31 0000772129 gmo:C000241007Member gmo:MSCIUSAIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241007Member gmo:MSCIUSAIndexMember 2023-02-15 2024-12-31 0000772129 gmo:C000241008Member 2025-02-28 2025-02-28 0000772129 gmo:C000241008Member 2024-01-01 2024-12-31 0000772129 gmo:C000241008Member 2020-01-01 2024-12-31 0000772129 gmo:C000241008Member 2015-01-01 2024-12-31 0000772129 gmo:C000241008Member 2023-02-15 2024-12-31 0000772129 gmo:C000241008Member gmo:MSCIUSAValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241008Member gmo:MSCIUSAValueIndexMember 2023-02-15 2024-12-31 0000772129 gmo:C000241008Member gmo:MSCIUSAIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241008Member gmo:MSCIUSAIndexMember 2023-02-15 2024-12-31 0000772129 gmo:C000241011Member 2025-02-28 2025-02-28 0000772129 gmo:C000241011Member 2024-01-01 2024-12-31 0000772129 gmo:C000241011Member 2020-01-01 2024-12-31 0000772129 gmo:C000241011Member 2015-01-01 2024-12-31 0000772129 gmo:C000241011Member 2022-12-13 2024-12-31 0000772129 gmo:C000241011Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000241011Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000241011Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000241011Member oef:AfterTaxesOnDistributionsMember 2022-12-13 2024-12-31 0000772129 gmo:C000241011Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000241011Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000241011Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000241011Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-12-13 2024-12-31 0000772129 gmo:C000241011Member gmo:MSCIUSAValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241011Member gmo:MSCIUSAValueIndexMember 2022-12-13 2024-12-31 0000772129 gmo:C000241011Member gmo:MSCIUSAIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241011Member gmo:MSCIUSAIndexMember 2022-12-13 2024-12-31 0000772129 gmo:C000241009Member 2025-02-28 2025-02-28 0000772129 gmo:C000241009Member 2024-01-01 2024-12-31 0000772129 gmo:C000241009Member 2020-01-01 2024-12-31 0000772129 gmo:C000241009Member 2015-01-01 2024-12-31 0000772129 gmo:C000241009Member 2023-08-28 2024-12-31 0000772129 gmo:C000241009Member gmo:MSCIUSAValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241009Member gmo:MSCIUSAValueIndexMember 2023-08-28 2024-12-31 0000772129 gmo:C000241009Member gmo:MSCIUSAIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241009Member gmo:MSCIUSAIndexMember 2023-08-28 2024-12-31 0000772129 gmo:C000241012Member 2025-02-28 2025-02-28 0000772129 gmo:C000241012Member 2024-01-01 2024-12-31 0000772129 gmo:C000241012Member 2020-01-01 2024-12-31 0000772129 gmo:C000241012Member 2015-01-01 2024-12-31 0000772129 gmo:C000241012Member 2023-02-15 2024-12-31 0000772129 gmo:C000241012Member gmo:MSCIUSAValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241012Member gmo:MSCIUSAValueIndexMember 2023-02-15 2024-12-31 0000772129 gmo:C000241012Member gmo:MSCIUSAIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000241012Member gmo:MSCIUSAIndexMember 2023-02-15 2024-12-31 0000772129 gmo:S000065871Member 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:C000212814Member 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:C000212813Member 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:C000212811Member 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:C000212810Member 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:C000212815Member 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:C000212812Member 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065871Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000212810Member 2025-02-28 2025-02-28 0000772129 gmo:C000212810Member 2024-01-01 2024-12-31 0000772129 gmo:C000212810Member 2020-01-01 2024-12-31 0000772129 gmo:C000212810Member 2015-01-01 2024-12-31 0000772129 gmo:C000212810Member 2019-07-02 2024-12-31 0000772129 gmo:C000212810Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000212810Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000212810Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000212810Member oef:AfterTaxesOnDistributionsMember 2019-07-02 2024-12-31 0000772129 gmo:C000212810Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000212810Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000212810Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000212810Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-07-02 2024-12-31 0000772129 gmo:C000212810Member gmo:SPSmallCap600ValueIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000212810Member gmo:SPSmallCap600ValueIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000212810Member gmo:SPSmallCap600ValueIndexMember 2019-07-02 2024-12-31 0000772129 gmo:C000212810Member gmo:SPComposite1500IndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000212810Member gmo:SPComposite1500IndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000212810Member gmo:SPComposite1500IndexMember 2019-07-02 2024-12-31 0000772129 gmo:S000004922Member 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:C000013327Member 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:C000013328Member 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:C000013330Member 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000004922Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000013327Member 2025-02-28 2025-02-28 0000772129 gmo:C000013327Member 2024-01-01 2024-12-31 0000772129 gmo:C000013327Member 2020-01-01 2024-12-31 0000772129 gmo:C000013327Member 2015-01-01 2024-12-31 0000772129 gmo:C000013327Member 1994-04-19 2024-12-31 0000772129 gmo:C000013327Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000013327Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000013327Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000013327Member oef:AfterTaxesOnDistributionsMember 1994-04-19 2024-12-31 0000772129 gmo:C000013327Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000013327Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000013327Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000013327Member oef:AfterTaxesOnDistributionsAndSalesMember 1994-04-19 2024-12-31 0000772129 gmo:C000013327Member gmo:JPMorganEMBIGlobalDiversifiedMember 2024-01-01 2024-12-31 0000772129 gmo:C000013327Member gmo:JPMorganEMBIGlobalDiversifiedMember 2020-01-01 2024-12-31 0000772129 gmo:C000013327Member gmo:JPMorganEMBIGlobalDiversifiedMember 2015-01-01 2024-12-31 0000772129 gmo:C000013327Member gmo:JPMorganEMBIGlobalDiversifiedMember 1994-04-19 2024-12-31 0000772129 gmo:C000013328Member 2025-02-28 2025-02-28 0000772129 gmo:C000013328Member 2024-01-01 2024-12-31 0000772129 gmo:C000013328Member 2020-01-01 2024-12-31 0000772129 gmo:C000013328Member 2015-01-01 2024-12-31 0000772129 gmo:C000013328Member 1998-01-09 2024-12-31 0000772129 gmo:C000013328Member gmo:JPMorganEMBIGlobalDiversifiedMember 2024-01-01 2024-12-31 0000772129 gmo:C000013328Member gmo:JPMorganEMBIGlobalDiversifiedMember 2020-01-01 2024-12-31 0000772129 gmo:C000013328Member gmo:JPMorganEMBIGlobalDiversifiedMember 2015-01-01 2024-12-31 0000772129 gmo:C000013328Member gmo:JPMorganEMBIGlobalDiversifiedMember 1998-01-09 2024-12-31 0000772129 gmo:C000013330Member 2025-02-28 2025-02-28 0000772129 gmo:C000013330Member 2024-01-01 2024-12-31 0000772129 gmo:C000013330Member 2020-01-01 2024-12-31 0000772129 gmo:C000013330Member 2015-01-01 2024-12-31 0000772129 gmo:C000013330Member 2021-07-29 2024-12-31 0000772129 gmo:C000013330Member gmo:JPMorganEMBIGlobalDiversifiedMember 2024-01-01 2024-12-31 0000772129 gmo:C000013330Member gmo:JPMorganEMBIGlobalDiversifiedMember 2021-07-29 2024-12-31 0000772129 gmo:S000068930Member 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:C000220256Member 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:C000220257Member 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000068930Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000220257Member 2025-02-28 2025-02-28 0000772129 gmo:C000220257Member 2024-01-01 2024-12-31 0000772129 gmo:C000220257Member 2020-01-01 2024-12-31 0000772129 gmo:C000220257Member 2015-01-01 2024-12-31 0000772129 gmo:C000220257Member 1995-01-01 2004-12-31 0000772129 gmo:C000220257Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000220257Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000220257Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000220257Member oef:AfterTaxesOnDistributionsMember 1995-01-01 2004-12-31 0000772129 gmo:C000220257Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000220257Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000220257Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000220257Member oef:AfterTaxesOnDistributionsAndSalesMember 1995-01-01 2004-12-31 0000772129 gmo:C000220257Member gmo:JPMorganEMBIGlobalDiversifiedMember 2024-01-01 2024-12-31 0000772129 gmo:C000220257Member gmo:JPMorganEMBIGlobalDiversifiedMember 2020-01-01 2024-12-31 0000772129 gmo:C000220257Member gmo:JPMorganEMBIGlobalDiversifiedMember 2015-01-01 2024-12-31 0000772129 gmo:C000220257Member gmo:JPMorganEMBIGlobalDiversifiedMember 1995-01-01 2004-12-31 0000772129 gmo:C000220256Member 2025-02-28 2025-02-28 0000772129 gmo:C000220256Member 2024-01-01 2024-12-31 0000772129 gmo:C000220256Member 2020-01-01 2024-12-31 0000772129 gmo:C000220256Member 2015-01-01 2024-12-31 0000772129 gmo:C000220256Member 1995-01-01 2004-12-31 0000772129 gmo:C000220256Member gmo:JPMorganEMBIGlobalDiversifiedMember 2024-01-01 2024-12-31 0000772129 gmo:C000220256Member gmo:JPMorganEMBIGlobalDiversifiedMember 2020-01-01 2024-12-31 0000772129 gmo:C000220256Member gmo:JPMorganEMBIGlobalDiversifiedMember 2015-01-01 2024-12-31 0000772129 gmo:C000220256Member gmo:JPMorganEMBIGlobalDiversifiedMember 1995-01-01 2004-12-31 0000772129 gmo:S000103783Member 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:C000274378Member 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:C000274381Member 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:C000274380Member 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:C000274379Member 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:C000274377Member 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:C000274376Member 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000103783Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:C000199930Member 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:C000213401Member 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:C000213400Member 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000061716Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000199930Member 2025-02-28 2025-02-28 0000772129 gmo:C000199930Member 2024-01-01 2024-12-31 0000772129 gmo:C000199930Member 2020-01-01 2024-12-31 0000772129 gmo:C000199930Member 2015-01-01 2024-12-31 0000772129 gmo:C000199930Member 2018-06-25 2024-12-31 0000772129 gmo:C000199930Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000199930Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000199930Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000199930Member oef:AfterTaxesOnDistributionsMember 2018-06-25 2024-12-31 0000772129 gmo:C000199930Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000199930Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000199930Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000199930Member oef:AfterTaxesOnDistributionsAndSalesMember 2018-06-25 2024-12-31 0000772129 gmo:C000199930Member gmo:MarkitiBoxxUSDLiquidHighYieldIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000199930Member gmo:MarkitiBoxxUSDLiquidHighYieldIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000199930Member gmo:MarkitiBoxxUSDLiquidHighYieldIndexMember 2018-06-25 2024-12-31 0000772129 gmo:C000199930Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000199930Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000199930Member gmo:BloombergUSAggregateIndexMember 2018-06-25 2024-12-31 0000772129 gmo:C000213400Member 2025-02-28 2025-02-28 0000772129 gmo:C000213400Member 2024-01-01 2024-12-31 0000772129 gmo:C000213400Member 2020-01-01 2024-12-31 0000772129 gmo:C000213400Member 2015-01-01 2024-12-31 0000772129 gmo:C000213400Member 2023-04-13 2024-12-31 0000772129 gmo:C000213400Member gmo:MarkitiBoxxUSDLiquidHighYieldIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213400Member gmo:MarkitiBoxxUSDLiquidHighYieldIndexMember 2023-04-13 2024-12-31 0000772129 gmo:C000213400Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213400Member gmo:BloombergUSAggregateIndexMember 2023-04-13 2024-12-31 0000772129 gmo:S000089451Member 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:C000256006Member 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:C000256008Member 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:C000256007Member 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:C000256004Member 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:C000256005Member 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:NonDiversifiedFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089451Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:C000137450Member 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:C000020548Member 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:C000213385Member 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:C000213384Member 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000007516Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000137450Member 2025-02-28 2025-02-28 0000772129 gmo:C000137450Member 2024-01-01 2024-12-31 0000772129 gmo:C000137450Member 2020-01-01 2024-12-31 0000772129 gmo:C000137450Member 2015-01-01 2024-12-31 0000772129 gmo:C000137450Member 2022-02-01 2024-12-31 0000772129 gmo:C000137450Member gmo:BloombergUSSecuritizedIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000137450Member gmo:BloombergUSSecuritizedIndexMember 2022-02-01 2024-12-31 0000772129 gmo:C000137450Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000137450Member gmo:BloombergUSAggregateIndexMember 2022-02-01 2024-12-31 0000772129 gmo:C000020548Member 2025-02-28 2025-02-28 0000772129 gmo:C000020548Member 2024-01-01 2024-12-31 0000772129 gmo:C000020548Member 2020-01-01 2024-12-31 0000772129 gmo:C000020548Member 2015-01-01 2024-12-31 0000772129 gmo:C000020548Member 2011-10-03 2024-12-31 0000772129 gmo:C000020548Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000020548Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000020548Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000020548Member oef:AfterTaxesOnDistributionsMember 2011-10-03 2024-12-31 0000772129 gmo:C000020548Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000020548Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000020548Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000020548Member oef:AfterTaxesOnDistributionsAndSalesMember 2011-10-03 2024-12-31 0000772129 gmo:C000020548Member gmo:BloombergUSSecuritizedIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000020548Member gmo:BloombergUSSecuritizedIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000020548Member gmo:BloombergUSSecuritizedIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000020548Member gmo:BloombergUSSecuritizedIndexMember 2011-10-03 2024-12-31 0000772129 gmo:C000020548Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000020548Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000020548Member gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000020548Member gmo:BloombergUSAggregateIndexMember 2011-10-03 2024-12-31 0000772129 gmo:C000213385Member 2025-02-28 2025-02-28 0000772129 gmo:C000213385Member 2024-01-01 2024-12-31 0000772129 gmo:C000213385Member 2020-01-01 2024-12-31 0000772129 gmo:C000213385Member 2015-01-01 2024-12-31 0000772129 gmo:C000213385Member 2021-05-19 2024-12-31 0000772129 gmo:C000213385Member gmo:BloombergUSSecuritizedIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213385Member gmo:BloombergUSSecuritizedIndexMember 2021-05-19 2024-12-31 0000772129 gmo:C000213385Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213385Member gmo:BloombergUSAggregateIndexMember 2021-05-19 2024-12-31 0000772129 gmo:C000213384Member 2025-02-28 2025-02-28 0000772129 gmo:C000213384Member 2024-01-01 2024-12-31 0000772129 gmo:C000213384Member 2020-01-01 2024-12-31 0000772129 gmo:C000213384Member 2015-01-01 2024-12-31 0000772129 gmo:C000213384Member 2019-11-05 2024-12-31 0000772129 gmo:C000213384Member gmo:BloombergUSSecuritizedIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213384Member gmo:BloombergUSSecuritizedIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000213384Member gmo:BloombergUSSecuritizedIndexMember 2019-11-05 2024-12-31 0000772129 gmo:C000213384Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213384Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000213384Member gmo:BloombergUSAggregateIndexMember 2019-11-05 2024-12-31 0000772129 gmo:S000065268Member 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:C000213404Member 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:C000211300Member 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:C000211301Member 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:C000211302Member 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:C000211299Member 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:C000213405Member 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:C000213406Member 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:EventDrivenRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000065268Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000211299Member 2025-02-28 2025-02-28 0000772129 gmo:C000211299Member 2024-01-01 2024-12-31 0000772129 gmo:C000211299Member 2020-01-01 2024-12-31 0000772129 gmo:C000211299Member 2015-01-01 2024-12-31 0000772129 gmo:C000211299Member 2019-05-01 2024-12-31 0000772129 gmo:C000211299Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000211299Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000211299Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000211299Member oef:AfterTaxesOnDistributionsMember 2019-05-01 2024-12-31 0000772129 gmo:C000211299Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000211299Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000211299Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000211299Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-05-01 2024-12-31 0000772129 gmo:C000211299Member gmo:FTSE3MonthTreasuryBillIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000211299Member gmo:FTSE3MonthTreasuryBillIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000211299Member gmo:FTSE3MonthTreasuryBillIndexMember 2019-05-01 2024-12-31 0000772129 gmo:C000211299Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000211299Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000211299Member gmo:BloombergUSAggregateIndexMember 2019-05-01 2024-12-31 0000772129 gmo:C000213405Member 2025-02-28 2025-02-28 0000772129 gmo:C000213405Member 2024-01-01 2024-12-31 0000772129 gmo:C000213405Member 2020-01-01 2024-12-31 0000772129 gmo:C000213405Member 2015-01-01 2024-12-31 0000772129 gmo:C000213405Member 2020-07-31 2024-12-31 0000772129 gmo:C000213405Member gmo:FTSE3MonthTreasuryBillIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213405Member gmo:FTSE3MonthTreasuryBillIndexMember 2020-07-31 2024-12-31 0000772129 gmo:C000213405Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213405Member gmo:BloombergUSAggregateIndexMember 2020-07-31 2024-12-31 0000772129 gmo:C000213406Member 2025-02-28 2025-02-28 0000772129 gmo:C000213406Member 2024-01-01 2024-12-31 0000772129 gmo:C000213406Member 2020-01-01 2024-12-31 0000772129 gmo:C000213406Member 2015-01-01 2024-12-31 0000772129 gmo:C000213406Member 2019-09-04 2024-12-31 0000772129 gmo:C000213406Member gmo:FTSE3MonthTreasuryBillIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213406Member gmo:FTSE3MonthTreasuryBillIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000213406Member gmo:FTSE3MonthTreasuryBillIndexMember 2019-09-04 2024-12-31 0000772129 gmo:C000213406Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000213406Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000213406Member gmo:BloombergUSAggregateIndexMember 2019-09-04 2024-12-31 0000772129 gmo:S000025199Member 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:C000075099Member 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:C000075103Member 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025199Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000075103Member 2025-02-28 2025-02-28 0000772129 gmo:C000075103Member 2024-01-01 2024-12-31 0000772129 gmo:C000075103Member 2020-01-01 2024-12-31 0000772129 gmo:C000075103Member 2015-01-01 2024-12-31 0000772129 gmo:C000075103Member 2009-03-18 2024-12-31 0000772129 gmo:C000075103Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000075103Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000075103Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000075103Member oef:AfterTaxesOnDistributionsMember 2009-03-18 2024-12-31 0000772129 gmo:C000075103Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000075103Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000075103Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000075103Member oef:AfterTaxesOnDistributionsAndSalesMember 2009-03-18 2024-12-31 0000772129 gmo:C000075103Member gmo:FTSE3MonthTreasuryBillIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000075103Member gmo:FTSE3MonthTreasuryBillIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000075103Member gmo:FTSE3MonthTreasuryBillIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000075103Member gmo:FTSE3MonthTreasuryBillIndexMember 2009-03-18 2024-12-31 0000772129 gmo:C000075103Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000075103Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000075103Member gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000075103Member gmo:BloombergUSAggregateIndexMember 2009-03-18 2024-12-31 0000772129 gmo:S000033464Member 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:C000102896Member 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000033464Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000102896Member 2025-02-28 2025-02-28 0000772129 gmo:C000102896Member 2024-01-01 2024-12-31 0000772129 gmo:C000102896Member 2020-01-01 2024-12-31 0000772129 gmo:C000102896Member 2015-01-01 2024-12-31 0000772129 gmo:C000102896Member 2011-06-15 2024-12-31 0000772129 gmo:C000102896Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000102896Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000102896Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000102896Member oef:AfterTaxesOnDistributionsMember 2011-06-15 2024-12-31 0000772129 gmo:C000102896Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000102896Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000102896Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000102896Member oef:AfterTaxesOnDistributionsAndSalesMember 2011-06-15 2024-12-31 0000772129 gmo:C000102896Member gmo:ConsumerPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:ConsumerPriceIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:ConsumerPriceIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:ConsumerPriceIndexMember 2011-06-15 2024-12-31 0000772129 gmo:C000102896Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2011-06-15 2024-12-31 0000772129 gmo:C000102896Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:BloombergUSAggregateIndexMember 2011-06-15 2024-12-31 0000772129 gmo:C000102896Member gmo:MSCIWorldIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:MSCIWorldIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:MSCIWorldIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000102896Member gmo:MSCIWorldIndexMember 2011-06-15 2024-12-31 0000772129 gmo:S000036091Member 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:C000110451Member 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:EventDrivenRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000036091Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000110451Member 2025-02-28 2025-02-28 0000772129 gmo:C000110451Member 2024-01-01 2024-12-31 0000772129 gmo:C000110451Member 2020-01-01 2024-12-31 0000772129 gmo:C000110451Member 2015-01-01 2024-12-31 0000772129 gmo:C000110451Member 2012-03-01 2024-12-31 0000772129 gmo:C000110451Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000110451Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000110451Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000110451Member oef:AfterTaxesOnDistributionsMember 2012-03-01 2024-12-31 0000772129 gmo:C000110451Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000110451Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000110451Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000110451Member oef:AfterTaxesOnDistributionsAndSalesMember 2012-03-01 2024-12-31 0000772129 gmo:C000110451Member gmo:ConsumerPriceIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:ConsumerPriceIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:ConsumerPriceIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:ConsumerPriceIndexMember 2012-03-01 2024-12-31 0000772129 gmo:C000110451Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:BloombergUSTreasuryInflationNotes110YearIndexMember 2012-03-01 2024-12-31 0000772129 gmo:C000110451Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:BloombergUSAggregateIndexMember 2012-03-01 2024-12-31 0000772129 gmo:C000110451Member gmo:MSCIWorldIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:MSCIWorldIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:MSCIWorldIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000110451Member gmo:MSCIWorldIndexMember 2012-03-01 2024-12-31 0000772129 gmo:S000089452Member 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:C000256009Member 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000089452Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:C000014937Member 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:MarketRiskEquitiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:NonUSInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:DerivativesandShortSalesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:FuturesContractsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:CurrencyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:FundofFundsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:CommoditiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:EventDrivenRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:IlliquidityRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:LeveragingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:SmallerCompanyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:MarketRiskAssetBackedSecuritiesRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:FocusedInvestmentRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000005489Member gmo:ValueInvestingRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000014937Member 2025-02-28 2025-02-28 0000772129 gmo:C000014937Member 2024-01-01 2024-12-31 0000772129 gmo:C000014937Member 2020-01-01 2024-12-31 0000772129 gmo:C000014937Member 2015-01-01 2024-12-31 0000772129 gmo:C000014937Member 2005-05-31 2024-12-31 0000772129 gmo:C000014937Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000014937Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000014937Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000014937Member oef:AfterTaxesOnDistributionsMember 2005-05-31 2024-12-31 0000772129 gmo:C000014937Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000014937Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000014937Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000014937Member oef:AfterTaxesOnDistributionsAndSalesMember 2005-05-31 2024-12-31 0000772129 gmo:C000014937Member gmo:GMOStrategicOpportunitiesAllocationIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:GMOStrategicOpportunitiesAllocationIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:GMOStrategicOpportunitiesAllocationIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:GMOStrategicOpportunitiesAllocationIndexMember 2005-05-31 2024-12-31 0000772129 gmo:C000014937Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:BloombergUSAggregateIndexMember 2005-05-31 2024-12-31 0000772129 gmo:C000014937Member gmo:MSCIWorldIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:MSCIWorldIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:MSCIWorldIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000014937Member gmo:MSCIWorldIndexMember 2005-05-31 2024-12-31 0000772129 gmo:S000025186Member 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member gmo:C000075084Member 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member gmo:C000251142Member 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member gmo:C000251143Member 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member oef:RiskLoseMoneyMember 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member gmo:MarketRiskFixedIncomeRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member us-gaap:CreditRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member gmo:LargeTransactionsRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member gmo:ManagementandOperationalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member gmo:MarketDisruptionandGeopoliticalRiskMember 2025-02-28 2025-02-28 0000772129 gmo:S000025186Member gmo:CounterpartyRiskMember 2025-02-28 2025-02-28 0000772129 gmo:C000075084Member 2025-02-28 2025-02-28 0000772129 gmo:C000075084Member 2024-01-01 2024-12-31 0000772129 gmo:C000075084Member 2020-01-01 2024-12-31 0000772129 gmo:C000075084Member 2015-01-01 2024-12-31 0000772129 gmo:C000075084Member 2009-03-17 2024-12-31 0000772129 gmo:C000075084Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0000772129 gmo:C000075084Member oef:AfterTaxesOnDistributionsMember 2020-01-01 2024-12-31 0000772129 gmo:C000075084Member oef:AfterTaxesOnDistributionsMember 2015-01-01 2024-12-31 0000772129 gmo:C000075084Member oef:AfterTaxesOnDistributionsMember 2009-03-17 2024-12-31 0000772129 gmo:C000075084Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0000772129 gmo:C000075084Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0000772129 gmo:C000075084Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0000772129 gmo:C000075084Member oef:AfterTaxesOnDistributionsAndSalesMember 2009-03-17 2024-12-31 0000772129 gmo:C000075084Member gmo:FTSE3MonthTreasuryBillIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000075084Member gmo:FTSE3MonthTreasuryBillIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000075084Member gmo:FTSE3MonthTreasuryBillIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000075084Member gmo:FTSE3MonthTreasuryBillIndexMember 2009-03-17 2024-12-31 0000772129 gmo:C000075084Member gmo:BloombergUSAggregateIndexMember 2024-01-01 2024-12-31 0000772129 gmo:C000075084Member gmo:BloombergUSAggregateIndexMember 2020-01-01 2024-12-31 0000772129 gmo:C000075084Member gmo:BloombergUSAggregateIndexMember 2015-01-01 2024-12-31 0000772129 gmo:C000075084Member gmo:BloombergUSAggregateIndexMember 2009-03-17 2024-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2015-01-01 2015-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2016-01-01 2016-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2017-01-01 2017-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2018-01-01 2018-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2019-01-01 2019-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2020-01-01 2020-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2021-01-01 2021-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2022-01-01 2022-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2023-01-01 2023-12-31 0000772129 gmo:S000005490Member gmo:C000014938Member 2024-01-01 2024-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2015-01-01 2015-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2016-01-01 2016-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2017-01-01 2017-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2018-01-01 2018-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2019-01-01 2019-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2020-01-01 2020-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2021-01-01 2021-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2022-01-01 2022-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2023-01-01 2023-12-31 0000772129 gmo:S000004922Member gmo:C000013327Member 2024-01-01 2024-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2015-01-01 2015-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2016-01-01 2016-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2017-01-01 2017-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2018-01-01 2018-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2019-01-01 2019-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2020-01-01 2020-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2021-01-01 2021-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2022-01-01 2022-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2023-01-01 2023-12-31 0000772129 gmo:S000004084Member gmo:C000011437Member 2024-01-01 2024-12-31 0000772129 gmo:S000079720Member gmo:C000241011Member 2023-01-01 2023-12-31 0000772129 gmo:S000079720Member gmo:C000241011Member 2024-01-01 2024-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2015-01-01 2015-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2016-01-01 2016-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2017-01-01 2017-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2018-01-01 2018-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2019-01-01 2019-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2020-01-01 2020-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2021-01-01 2021-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2022-01-01 2022-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2023-01-01 2023-12-31 0000772129 gmo:S000007516Member gmo:C000020548Member 2024-01-01 2024-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2015-01-01 2015-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2016-01-01 2016-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2017-01-01 2017-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2018-01-01 2018-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2019-01-01 2019-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2020-01-01 2020-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2021-01-01 2021-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2022-01-01 2022-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2023-01-01 2023-12-31 0000772129 gmo:S000033464Member gmo:C000102896Member 2024-01-01 2024-12-31 0000772129 gmo:S000072426Member gmo:C000228647Member 2022-01-01 2022-12-31 0000772129 gmo:S000072426Member gmo:C000228647Member 2023-01-01 2023-12-31 0000772129 gmo:S000072426Member gmo:C000228647Member 2024-01-01 2024-12-31 0000772129 gmo:S000061716Member gmo:C000199930Member 2019-01-01 2019-12-31 0000772129 gmo:S000061716Member gmo:C000199930Member 2020-01-01 2020-12-31 0000772129 gmo:S000061716Member gmo:C000199930Member 2021-01-01 2021-12-31 0000772129 gmo:S000061716Member gmo:C000199930Member 2022-01-01 2022-12-31 0000772129 gmo:S000061716Member gmo:C000199930Member 2023-01-01 2023-12-31 0000772129 gmo:S000061716Member gmo:C000199930Member 2024-01-01 2024-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2015-01-01 2015-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2016-01-01 2016-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2017-01-01 2017-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2018-01-01 2018-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2019-01-01 2019-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2020-01-01 2020-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2021-01-01 2021-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2022-01-01 2022-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2023-01-01 2023-12-31 0000772129 gmo:S000068930Member gmo:C000220257Member 2024-01-01 2024-12-31 0000772129 gmo:S000065268Member gmo:C000211299Member 2020-01-01 2020-12-31 0000772129 gmo:S000065268Member gmo:C000211299Member 2021-01-01 2021-12-31 0000772129 gmo:S000065268Member gmo:C000211299Member 2022-01-01 2022-12-31 0000772129 gmo:S000065268Member gmo:C000211299Member 2023-01-01 2023-12-31 0000772129 gmo:S000065268Member gmo:C000211299Member 2024-01-01 2024-12-31 0000772129 gmo:S000065871Member gmo:C000212810Member 2020-01-01 2020-12-31 0000772129 gmo:S000065871Member gmo:C000212810Member 2021-01-01 2021-12-31 0000772129 gmo:S000065871Member gmo:C000212810Member 2022-01-01 2022-12-31 0000772129 gmo:S000065871Member gmo:C000212810Member 2023-01-01 2023-12-31 0000772129 gmo:S000065871Member gmo:C000212810Member 2024-01-01 2024-12-31 0000772129 gmo:S000079719Member gmo:C000241005Member 2024-01-01 2024-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2015-01-01 2015-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2016-01-01 2016-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2017-01-01 2017-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2018-01-01 2018-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2019-01-01 2019-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2020-01-01 2020-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2021-01-01 2021-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2022-01-01 2022-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2023-01-01 2023-12-31 0000772129 gmo:S000025199Member gmo:C000075103Member 2024-01-01 2024-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2015-01-01 2015-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2016-01-01 2016-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2017-01-01 2017-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2018-01-01 2018-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2019-01-01 2019-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2020-01-01 2020-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2021-01-01 2021-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2022-01-01 2022-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2023-01-01 2023-12-31 0000772129 gmo:S000005485Member gmo:C000014927Member 2024-01-01 2024-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2015-01-01 2015-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2016-01-01 2016-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2017-01-01 2017-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2018-01-01 2018-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2019-01-01 2019-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2020-01-01 2020-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2021-01-01 2021-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2022-01-01 2022-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2023-01-01 2023-12-31 0000772129 gmo:S000025186Member gmo:C000075084Member 2024-01-01 2024-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2015-01-01 2015-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2016-01-01 2016-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2017-01-01 2017-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2018-01-01 2018-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2019-01-01 2019-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2020-01-01 2020-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2021-01-01 2021-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2022-01-01 2022-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2023-01-01 2023-12-31 0000772129 gmo:S000034948Member gmo:C000107485Member 2024-01-01 2024-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2015-01-01 2015-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2016-01-01 2016-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2017-01-01 2017-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2018-01-01 2018-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2019-01-01 2019-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2020-01-01 2020-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2021-01-01 2021-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2022-01-01 2022-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2023-01-01 2023-12-31 0000772129 gmo:S000005489Member gmo:C000014937Member 2024-01-01 2024-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2015-01-01 2015-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2016-01-01 2016-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2017-01-01 2017-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2018-01-01 2018-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2019-01-01 2019-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2020-01-01 2020-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2021-01-01 2021-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2022-01-01 2022-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2023-01-01 2023-12-31 0000772129 gmo:S000012211Member gmo:C000033342Member 2024-01-01 2024-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2015-01-01 2015-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2016-01-01 2016-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2017-01-01 2017-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2018-01-01 2018-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2019-01-01 2019-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2020-01-01 2020-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2021-01-01 2021-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2022-01-01 2022-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2023-01-01 2023-12-31 0000772129 gmo:S000005487Member gmo:C000014933Member 2024-01-01 2024-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2015-01-01 2015-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2016-01-01 2016-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2017-01-01 2017-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2018-01-01 2018-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2019-01-01 2019-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2020-01-01 2020-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2021-01-01 2021-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2022-01-01 2022-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2023-01-01 2023-12-31 0000772129 gmo:S000036091Member gmo:C000110451Member 2024-01-01 2024-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2015-01-01 2015-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2016-01-01 2016-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2017-01-01 2017-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2018-01-01 2018-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2019-01-01 2019-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2020-01-01 2020-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2021-01-01 2021-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2022-01-01 2022-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2023-01-01 2023-12-31 0000772129 gmo:S000004911Member gmo:C000013269Member 2024-01-01 2024-12-31 0000772129 gmo:S000056707Member gmo:C000179795Member 2018-01-01 2018-12-31 0000772129 gmo:S000056707Member gmo:C000179795Member 2019-01-01 2019-12-31 0000772129 gmo:S000056707Member gmo:C000179795Member 2020-01-01 2020-12-31 0000772129 gmo:S000056707Member gmo:C000179795Member 2021-01-01 2021-12-31 0000772129 gmo:S000056707Member gmo:C000179795Member 2022-01-01 2022-12-31 0000772129 gmo:S000056707Member gmo:C000179795Member 2023-01-01 2023-12-31 0000772129 gmo:S000056707Member gmo:C000179795Member 2024-01-01 2024-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2015-01-01 2015-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2016-01-01 2016-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2017-01-01 2017-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2018-01-01 2018-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2019-01-01 2019-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2020-01-01 2020-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2021-01-01 2021-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2022-01-01 2022-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2023-01-01 2023-12-31 0000772129 gmo:S000005486Member gmo:C000014930Member 2024-01-01 2024-12-31 0000772129 gmo:S000069850Member gmo:C000222627Member 2021-01-01 2021-12-31 0000772129 gmo:S000069850Member gmo:C000222627Member 2022-01-01 2022-12-31 0000772129 gmo:S000069850Member gmo:C000222627Member 2023-01-01 2023-12-31 0000772129 gmo:S000069850Member gmo:C000222627Member 2024-01-01 2024-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2015-01-01 2015-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2016-01-01 2016-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2017-01-01 2017-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2018-01-01 2018-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2019-01-01 2019-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2020-01-01 2020-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2021-01-01 2021-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2022-01-01 2022-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2023-01-01 2023-12-31 0000772129 gmo:S000005488Member gmo:C000014936Member 2024-01-01 2024-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2015-01-01 2015-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2016-01-01 2016-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2017-01-01 2017-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2018-01-01 2018-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2019-01-01 2019-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2020-01-01 2020-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2021-01-01 2021-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2022-01-01 2022-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2023-01-01 2023-12-31 0000772129 gmo:S000004081Member gmo:C000011423Member 2024-01-01 2024-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2015-01-01 2015-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2016-01-01 2016-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2017-01-01 2017-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2018-01-01 2018-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2019-01-01 2019-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2020-01-01 2020-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2021-01-01 2021-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2022-01-01 2022-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2023-01-01 2023-12-31 0000772129 gmo:S000004913Member gmo:C000013282Member 2024-01-01 2024-12-31 0000772129 gmo:S000077554Member gmo:C000238042Member 2024-01-01 2024-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2015-01-01 2015-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2016-01-01 2016-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2017-01-01 2017-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2018-01-01 2018-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2019-01-01 2019-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2020-01-01 2020-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2021-01-01 2021-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2022-01-01 2022-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2023-01-01 2023-12-31 0000772129 gmo:S000004224Member gmo:C000011881Member 2024-01-01 2024-12-31 pure iso4217:USD 2022-12-31 2020-03-31 2020-06-30 2020-03-31 2020-12-31 2020-03-31 2020-06-30 2020-03-31 2023-12-31 2022-03-31 2020-06-30 2020-03-31 2020-06-30 2020-03-31 2022-12-31 2020-03-31 2020-06-30 2020-03-31 2022-12-31 2020-03-31 2022-12-31 2020-03-31 2020-12-31 2022-06-30 2020-06-30 2020-03-31 2020-12-31 2020-03-31 2024-09-30 2024-12-31 2022-12-31 2022-09-30 2020-06-30 2020-03-31 2023-12-31 2022-12-31 2020-12-31 2020-03-31 2020-06-30 2020-03-31 2020-06-30 2020-03-31 2023-12-31 2020-03-31 2020-06-30 2020-03-31 2022-12-31 2020-03-31 2023-12-31 2024-12-31 2020-06-30 2020-03-31 2022-12-31 2020-03-31 2020-06-30 2020-03-31 2023-06-30 2022-03-31 GMO MAC IMPLEMENTATION FUND GMO GLOBAL DEVELOPED EQUITY ALLOCATION FUND GMO EMERGING COUNTRY DEBT FUND GMO QUALITY FUND GMO U.S. OPPORTUNISTIC VALUE FUND GMO OPPORTUNISTIC INCOME FUND GMO BENCHMARK-FREE FUND GMO EMERGING MARKETS EX-CHINA FUND GMO HIGH YIELD FUND GMO EMERGING COUNTRY DEBT SHARES FUND GMO ALTERNATIVE ALLOCATION FUND GMO U.S. SMALL CAP VALUE FUND GMO RESOURCE TRANSITION FUND GMO ASSET ALLOCATION BOND FUND GMO BENCHMARK-FREE ALLOCATION FUND GMO U.S. TREASURY FUND GMO RESOURCES FUND GMO STRATEGIC OPPORTUNITIES ALLOCATION FUND GMO INTERNATIONAL DEVELOPED EQUITY ALLOCATION FUND GMO GLOBAL ASSET ALLOCATION FUND GMO MULTI-ASSET CREDIT FUND GMO IMPLEMENTATION FUND GMO EMERGING MARKETS FUND GMO CLIMATE CHANGE FUND GMO INTERNATIONAL EQUITY ALLOCATION FUND GMO-USONIAN JAPAN VALUE CREATION FUND GMO GLOBAL EQUITY ALLOCATION FUND GMO U.S. EQUITY FUND GMO EMERGING MARKETS DEBT TOTAL RETURN FUND GMO INTERNATIONAL OPPORTUNISTIC VALUE FUND GMO SMALL CAP QUALITY FUND GMO INTERNATIONAL EQUITY FUND 2025-02-28 GMO TRUST 0000772129 false N-1A 497 -0.0422 0.0679 0.2564 -0.1302 0.2656 0.1051 0.1851 -0.1404 0.2244 0.1098 0.0002 0.1386 0.1248 -0.0591 0.1428 0.0723 -0.0129 -0.1632 0.1764 0.1336 0.0150 0.0972 0.2906 0.0046 0.3169 0.1846 0.2620 -0.1522 0.3001 0.1892 0.1645 0.1309 0.0167 0.0514 0.0641 0.0402 0.0383 0.0333 0.0283 -0.0208 0.0708 0.0611 -0.0319 0.0541 0.1706 -0.0716 0.1378 -0.0336 0.0437 -0.0332 0.1521 0.0463 -0.3243 0.2706 0.0021 0.1433 0.0547 0.0499 -0.0803 0.1295 0.0793 -0.0008 0.1374 0.1237 -0.0600 0.1417 0.0712 -0.0139 -0.1642 0.1750 0.1323 -0.0027 -0.0512 0.0362 0.0606 -0.0256 0.0239 0.3573 -0.1401 0.2273 0.1116 -0.2624 -0.0585 -0.0014 0.0241 0.0077 0.0799 0.1128 0.0133 -0.1486 0.0837 -0.1173 -0.0428 0.0340 0.1304 -0.0535 0.1162 -0.0249 0.0296 -0.0226 0.1340 0.0427 0.0011 0.0053 0.0086 0.0195 0.0219 0.0129 0.0000 0.0079 0.0557 0.0517 -0.2202 0.4427 0.2837 -0.0674 0.2008 0.2249 0.2255 -0.0010 -0.0148 -0.1770 -0.0539 0.0745 0.1930 -0.0951 0.1958 0.0482 0.1241 -0.1120 0.1733 0.0550 -0.0662 0.0325 0.2638 -0.1973 0.2443 0.0740 0.1113 -0.1239 0.2098 0.1064 -0.0427 0.0564 0.1573 -0.0726 0.1769 0.0614 0.0703 -0.1268 0.1614 0.0513 -0.0463 0.0356 0.1409 -0.0559 0.1323 -0.0725 0.0407 -0.0123 0.1474 0.0501 -0.1615 0.1636 0.3205 -0.1282 0.2214 0.0553 0.0203 -0.3160 0.1767 0.0340 -0.1580 0.2645 0.4286 0.1144 -0.1024 -0.0683 -0.2562 -0.0889 0.0652 0.2780 -0.1781 0.2381 0.0697 0.0796 -0.1890 0.2023 0.0840 0.0073 -0.1273 0.2181 0.0829 -0.0583 0.0797 0.2639 -0.1312 0.2582 0.0952 0.1498 -0.1701 0.2224 0.0951 0.0065 0.1358 0.1846 -0.0978 0.2857 0.1369 0.3213 -0.1244 0.2188 0.2092 -0.0535 -0.0036 0.2844 -0.2124 0.2331 0.0750 0.1079 -0.0985 0.1788 0.0525 0.3279 -0.0561 0.0171 0.2573 -0.2055 0.2452 0.0746 0.1214 -0.1043 0.2049 0.1298 2025-06-30 Investment objective Positive total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0080 0.0075 0.0080 0.0080 0.0003 0.0003 0.0003 0.0014 0.0045 0.0045 0.0045 0.0045 0.0128 0.0123 0.0128 0.0139 -0.0005 -0.0005 -0.0005 -0.0005 0.0123 0.0118 0.0123 0.0134 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect applicable expense reimbursements and waivers noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 125 401 697 1541 120 385 671 1484 125 401 697 1541 136 435 756 1664 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 24% of the average value of its portfolio securities. 0.24 Principal investment strategies The Fund seeks annualized returns of 5% (net of fees) above the Consumer Price Index and expects annualized volatility (standard deviation) of 5-10%, each over a complete market cycle. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. The Fund is a fund of funds and invests primarily in Implementation Fund, other series of GMO Trust whether now existing or created in the future, including the Fixed Income Funds and the Alternative Funds, and in GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”).GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets in asset classes GMO believes offer the most attractive risk-adjusted returns. GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s holdings of particular asset classes in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time.The Fund is permitted to invest in any asset class (e.g., U.S., non-U.S., and emerging market equity; U.S., non-U.S., and emerging market fixed income (including asset-backed securities and municipal bonds); and commodities), strategy (e.g., long/short and event-driven strategies), sector, country, or region, and at times may have substantial exposure to a single asset class, sector, country, region, issuer, or currency and companies with similar market capitalizations. In addition, the Fund is not restricted in its exposure to any particular market and may invest in securities of companies of any market capitalization and, in the case of debt instruments, of any credit quality (including below investment grade securities, commonly referred to as “high yield” or “junk bonds”), maturity and duration. GMO’s ability to shift investments among asset classes is not subject to any limits.The Fund typically has substantial exposure to derivatives and short-sales. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative exposure, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged.In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents. In addition, the Fund may lend its portfolio securities. The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results including the annualized returns and volatility the Fund is seeking to achieve. Even if the Fund achieves those returns or that volatility over a market cycle, it may experience shorter periods of significantly lower returns or higher volatility, or both. Over the three-year period and the period beginning with the inception of the Fund’s current investment strategy (July 23, 2003), in each case ending December 31, 2024, the Fund’s annualized net return (Class III shares, before taxes) less the Consumer Price Index was 0.67% and 4.21%, respectively. Over the three-year period and the period beginning July 31, 2003, in each case ending December 31, 2024, the Fund’s annualized net standard deviation (calculated using monthly net returns, before taxes) was 9.10% and 7.78%, respectively. See also “Performance” below. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares.When the Fund writes put options on a stock index, the value of those options will decline when the value of that index declines. The value of an index depends on the value of the equity securities in the index. Also, the Fund’s investment strategy of writing put options on stock indices can be expected to cause that strategy to underperform relative to those indices when the value of those indices rises sharply. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly in a rapid and unpredictable manner. ●Event-Driven Risk – If the Fund purchases securities in anticipation of a proposed merger, acquisition, exchange offer, tender offer, or other similar transaction and that transaction later appears likely to be delayed or unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund may decline sharply, resulting in losses to the Fund. The risk/reward payout of event-driven strategies (such as merger arbitrage) typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Event-driven strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Consumer Price Index, the Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index, and two broad-based securities market indices. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Prior to January 1, 2012, the Fund served as a principal component of a broader GMO real return strategy that also included a pooled investment vehicle with a cash-like benchmark. Since January 1, 2012, the Fund has been managed as a standalone investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary.Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Consumer Price Index, the Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index, and two broad-based securities market indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:7.89%4Q 2022Lowest Quarter:-16.05%1Q 2020Year-to-Date:4.71%As of3/31/2025 Highest Quarter: 0.0789 Lowest Quarter: -0.1605 Year-to-Date: 0.0471 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 2003-07-23 0.0427 0.0302 0.0321 0.0679 0.0295 0.0192 0.0224 0.0527 0.0329 0.0212 0.0226 0.0513 0.0286 0.0421 0.0301 0.0259 0.0309 0.0269 0.0253 0.0339 0.0125 -0.0033 0.0135 0.0310 0.1867 0.1116 0.0995 0.0894 2012-12-11 0.0436 0.0309 0.0327 0.0377 0.0286 0.0421 0.0301 0.0268 0.0309 0.0269 0.0253 0.0164 0.0125 -0.0033 0.0135 0.0142 0.1867 0.1116 0.0995 0.1084 2020-05-01 0.0429 0.0596 0.0286 0.0474 0.0309 0.0243 0.0125 -0.0136 0.1867 0.1582 2019-08-08 0.0416 0.0292 0.0389 0.0286 0.0421 0.0406 0.0309 0.0269 0.0259 0.0125 -0.0033 -0.0015 0.1867 0.1116 0.1238 Investment objective Total return greater than that of its benchmark, the GMO Global Asset Allocation Index, an internally maintained index computed by GMO consisting of 65% MSCI ACWI and 35% Bloomberg U.S. Aggregate Index. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0006 0.0006 0.0019 0.0078 0.0078 0.0078 0.0084 0.0084 0.0097 -0.0005 -0.0005 -0.0005 0.0079 0.0079 0.0092 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 81 263 461 1033 81 263 461 1033 94 304 531 1185 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 12% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 12% of the average value of its portfolio securities. 0.12 Principal investment strategies The Fund is a fund of funds and invests primarily in shares of other series of GMO Trust whether now existing or created in the future, including the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative Funds, and in GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. Under normal circumstances, GMO intends to invest not more than 85% of the Fund’s net assets in the Equity Funds. The factors GMO considers and investment methods GMO uses can change over time.The Fund is permitted to invest in any asset class (e.g., U.S., non-U.S., and emerging market equity; U.S., non-U.S., and emerging market fixed income (including asset-backed securities and municipal bonds); and commodities), strategy (e.g., long/short and event-driven strategies), sector, country, or region and at times may have substantial exposure to a single asset class, sector, country, region, issuer, or currency and companies with similar market capitalizations. In addition, the Fund is not restricted in its exposure to any particular market and may invest in securities of companies of any market capitalization and, in the case of debt instruments, of any credit quality (including below investment grade securities, commonly referred to as “high yield” or “junk bonds”), maturity and duration.In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents. In addition, the Fund may lend its portfolio securities.The Fund also may invest in money market funds unaffiliated with GMO and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares.When the Fund writes put options on a stock index, the value of those options will decline when the value of that index declines. The value of an index depends on the value of the equity securities in the index. Also, the Fund’s investment strategy of writing put options on stock indices can be expected to cause that strategy to underperform relative to those indices when the value of those indices rises sharply. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. The fees and expenses associated with an investment in the Fund are less predictable than those associated with an investment in funds that charge a fixed management fee. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly in a rapid and unpredictable manner. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark (a composite index computed by GMO) and two broad-based securities market indices. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark (a composite index computed by GMO) and two broad-based securities market indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:11.55%2Q 2020Lowest Quarter:-16.75%1Q 2020Year-to-Date:3.35%As of3/31/2025 Highest Quarter: 0.1155 Lowest Quarter: -0.1675 Year-to-Date: 0.0335 2025-03-31 Average Annual Total Returns1,2 Periods Ending December 31, 2024 1996-06-28 0.0513 0.0390 0.0446 0.0650 0.0352 0.0232 0.0305 0.0473 0.0349 0.0254 0.0308 0.0470 0.1160 0.0657 0.0663 0.0591 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.1749 0.1006 0.0923 0.0725 0.0125 -0.0033 0.0135 0.0423 2019-09-30 0.0513 0.0389 0.0496 0.1160 0.0657 0.0740 0.1749 0.1006 0.1136 0.0125 -0.0033 -0.0028 2021-01-06 0.0498 0.0284 0.1160 0.0482 0.1749 0.0845 0.0125 -0.0201 Investment objective High total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0075 0.0070 0.00685 0.00655 0.0075 0.0075 0.0008 0.0008 0.0008 0.0008 0.0008 0.0018 0.0083 0.0078 0.0077 0.0074 0.0083 0.0093 -0.0005 -0.0005 -0.0005 -0.0005 -0.0005 -0.0005 0.0078 0.0073 0.0072 0.0069 0.0078 0.0088 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 80 260 456 1021 75 244 428 961 74 241 423 949 70 232 407 914 80 260 456 1021 90 291 510 1138 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 104% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 57% of the average value of its portfolio securities. 1.04 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equities of companies GMO believes are positioned to benefit, directly or indirectly, from efforts to curb or mitigate the long-term effects of global climate change, to address the environmental challenges presented by global climate change, or to improve the efficiency of resource consumption. Due to the far-reaching effects of, and evolving innovation related to, climate change, GMO expects such companies to be involved in a wide array of businesses.GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information and corporate behavior (such as profit warnings, share issuance or repurchase, and director dealings in company stock), securities’ prices, commodities’ prices, equity and bond markets, the overall global economy, and governmental policies. GMO also may consider ESG (environmental, social, and governance) criteria.In selecting securities for the Fund, GMO uses a combination of investment methods to identify securities GMO believes have positive return potential. Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of a security or groups of securities. The Fund may invest its assets in securities of companies of any market capitalization and may invest a significant portion of its assets in securities of companies with smaller market capitalizations. The Fund has no limit on the amount it may invest in any single asset class, sector, country, industry, region or issuer. The factors GMO considers and investment methods GMO uses can change over time. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark.The Fund has a fundamental policy to concentrate its investments in climate change-related industries, and under normal market conditions, the Fund invests at least 80% of its assets in companies in such industries (see “Name Policies”). The Fund considers “climate change-related industries” to include clean energy, batteries and storage, electric grid, energy efficiency, recycling and pollution control, agriculture, water, and businesses that service such industries. The Fund is permitted to invest directly and indirectly in equities of companies tied economically to any country in the world, including emerging countries.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Focused Investment Risk − Because the Fund focuses its investments in securities of companies involved in climate change-related industries, the Fund will be more susceptible to events or factors affecting these companies, and the market prices of its portfolio securities may be more volatile than those of mutual funds that are more diversified. The Fund is particularly exposed to such developments as changes in global and regional climates, environmental protection regulatory actions, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments (such as potential cutbacks on funding for the Environmental Protection Agency). Companies involved in alternative fuels also may be adversely affected by the increased use of, or decreases in prices for, oil or other fossil fuels. Such companies are often capital-intensive and use significant amounts of leverage, subjecting them to the risk of rising interest rates that could adversely affect their ability to repay debt issued to finance capital projects and/or to borrow or otherwise raise additional money to finance those projects. In addition, scientific developments, such as breakthroughs in the remediation of global warming, and changes in governmental policies relating to the effects of pollution may affect investments in pollution control, which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on energy, pollution control and mitigation of global warming. Because society’s focus on climate change issues is relatively new, the emphasis and direction of governmental policies is subject to significant change, and rapid technological change could render even new approaches and products obsolete. Some companies involved in climate change-related industries have more limited operating histories and smaller market capitalizations on average than companies in other sectors. As a result of these and other factors, the market prices of securities of companies involved in climate change-related industries tend to be considerably more volatile than those of companies in more established sectors and industries. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly in a rapid and unpredictable manner. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall global equity market. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary.Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall global equity market. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 Highest Quarter:33.30%4Q 2020Lowest Quarter:-28.16%1Q 2020Year-to-Date:-9.67%As of3/31/2025 Highest Quarter: 0.3330 Lowest Quarter: -0.2816 Year-to-Date: -0.0967 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2017-04-05 -0.2562 -0.0020 0.0360 -0.2571 -0.0178 0.0217 -0.1506 -0.0016 0.0273 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.1749 0.1006 0.1041 2020-01-16 -0.2563 -0.0063 0.1749 0.0969 2020-02-25 -0.2570 0.0028 0.1749 0.1128 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0087 0.0080 0.00755 0.00735 0.00705 0.0087 0.0087 0.0026 0.0026 0.0026 0.0026 0.0026 0.0026 0.0039 0.0113 0.0106 0.0102 0.0100 0.0097 0.0113 0.0126 -0.0010 -0.0008 -0.0009 -0.0012 -0.0011 -0.0010 -0.0014 0.0103 0.0098 0.0093 0.0088 0.0086 0.0103 0.0112 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 105 349 613 1366 100 329 577 1287 95 316 554 1240 90 306 541 1214 88 298 526 1180 105 349 613 1366 114 386 678 1510 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 141% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 118% of the average value of its portfolio securities. 1.41 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in companies tied economically to markets that are not treated as developed markets in the MSCI World Index (“emerging markets”). GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information, securities’ prices, equity and other markets, the overall global economy, and governmental policies. In selecting securities for the Fund, GMO uses a combination of proprietary quantitative investment methods to identify emerging market equities GMO believes have positive return potential relative to other emerging markets equities. Some of these methods evaluate individual companies or groups of companies based on (among other factors) the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or market, and macroeconomic factors. In constructing the Fund’s portfolio, GMO also considers position size, sector and industry exposure, country and region exposure, currencies, market capitalization, risk relative to the benchmark, liquidity, and transaction costs. GMO also may consider ESG (environmental, social and governance) criteria. For example, GMO generally avoids investing the Fund’s assets in companies engaged in the manufacture, supply, or distribution of cluster munitions, as well as companies primarily involved in the mining and production of thermal coal. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency and companies with similar market capitalizations. The factors GMO considers and investment methods GMO uses can change over time.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include options, futures, forward currency contracts, and swap contracts. GMO typically seeks to limit the carbon intensity of the Fund’s portfolio to no more than that of the MSCI Emerging Markets Index. In addition, the Fund may lend its portfolio securities.Under normal circumstances, the Fund invests directly and indirectly (through underlying funds or derivatives) at least 80% of its assets in emerging markets companies (see “Name Policies”). The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 Highest Quarter:15.88%2Q 2020Lowest Quarter:-24.26%1Q 2020Year-to-Date:3.15%As of3/31/2025 Highest Quarter: 0.1588 Lowest Quarter: -0.2426 Year-to-Date: 0.0315 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 1996-11-29 0.0327 -0.0223 0.0203 0.0595 0.0750 0.0170 0.0364 0.0541 1993-12-09 0.0340 -0.0217 0.0209 0.0590 0.0216 -0.0348 0.0110 0.0462 0.0293 -0.0170 0.0165 0.0506 0.0750 0.0170 0.0364 0.0497 2003-06-30 0.0345 -0.0206 0.0221 0.0718 0.0750 0.0170 0.0364 0.0818 2020-03-31 0.0324 0.0353 0.0750 0.0772 2020-01-14 0.0321 -0.0280 0.0750 0.0118 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses¹ (expenses that you bear each year as a percentage of the value of your investment) 0.0077 0.0070 0.00655 0.00635 0.00605 0.0077 0.0077 0.0071 0.0071 0.0071 0.0071 0.0052 0.0071 0.0083 0.0148 0.0141 0.0137 0.0135 0.0113 0.0148 0.0160 -0.0062 -0.0060 -0.0061 -0.0064 -0.0045 -0.0062 -0.0062 0.0086 0.0081 0.0076 0.0071 0.0068 0.0086 0.0098 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 88 407 749 1715 83 387 714 1639 78 374 692 1593 73 364 678 1568 69 314 579 1334 88 407 749 1715 100 444 812 1848 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 103% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 86% of the average value of its portfolio securities. 1.03 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in companies tied economically to markets that are not treated as developed markets in the MSCI World Index, with the exception of companies domiciled or listed for trading in China (“emerging markets”). GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information, securities’ prices, equity and other markets, the overall global economy, and governmental policies. In selecting securities for the Fund, GMO uses a combination of proprietary quantitative investment methods to identify emerging market equities GMO believes have positive return potential relative to other emerging markets equities. Some of these methods evaluate individual companies or groups of companies based on (among other factors) the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or market, and macroeconomic factors. In constructing the Fund’s portfolio, GMO also considers position size, sector and industry exposure, country and region exposure, currencies, market capitalization, risk relative to the benchmark, liquidity, and transaction costs. GMO also may consider ESG (environmental, social and governance) criteria. For example, GMO generally avoids investing the Fund’s assets in companies engaged in the manufacture, supply, or distribution of cluster munitions, as well as companies primarily involved in the mining and production of thermal coal. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency and companies with similar market capitalizations. The Fund may invest in securities of companies of any market capitalization. The factors GMO considers and investment methods GMO uses can change over time.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include options, futures, forward currency contracts, and swap contracts. GMO typically seeks to limit the carbon intensity of the Fund’s portfolio to no more than that of the MSCI Emerging Markets ex-China Index. In addition, the Fund may lend its portfolio securities.Under normal circumstances, the Fund invests directly and indirectly (through underlying funds or derivatives) at least 80% of its assets in emerging markets companies (see “Name Policies”).The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 Highest Quarter:15.67%4Q 2023Lowest Quarter:-21.34%1Q 2022Year-to-Date:-1.29%As of3/31/2025 Highest Quarter: 0.1567 Lowest Quarter: -0.2134 Year-to-Date: -0.0129 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2021-11-17 0.0021 -0.0457 -0.0657 -0.0743 0.0379 -0.0353 0.0356 -0.0001 2021-10-18 0.0038 -0.0433 0.0356 0.0005 Investment objective Total return greater than that of its benchmark, the MSCI World Index. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0010 0.0010 0.0022 0.0053 0.0053 0.0053 0.0063 0.0063 0.0075 -0.0010 -0.0010 -0.0010 0.0053 0.0053 0.0065 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 54 192 341 777 54 192 341 777 66 230 407 921 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 8% of the average value of its portfolio securities. 0.08 Principal investment strategies The Fund is a fund of funds and invests primarily in equities traded in U.S. and non-U.S. markets (including emerging markets) through its investment in the Equity Funds and in GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). The Fund also may invest directly in securities (including other underlying funds) and derivatives.GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time.Under normal circumstances, the Fund invests (including through its investment in the underlying GMO Funds) at least 80% of its assets in equities (see “Name Policies”). In addition, under normal circumstances, the Fund invests (including through its investment in the underlying GMO Funds) at least 80% of its assets in equities tied economically to developed markets (see “Name Policies”). The term “developed markets” means those countries included in the MSCI World Index, a global developed markets equity index, and countries with similar characteristics (e.g., countries that have sustained economic development, sufficient liquidity for listed companies and accessible markets). The Fund also may obtain exposure to equities tied economically to emerging markets (which are not part of the Fund’s benchmark), but those investments typically will represent 10% or less of the Fund’s net assets measured at the time of purchase. The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. The fees and expenses associated with an investment in the Fund are less predictable than those associated with an investment in funds that charge a fixed management fee. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund’s benchmark, a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund’s benchmark, a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:17.63%2Q 2020Lowest Quarter:-23.90%1Q 2020Year-to-Date:2.62%As of3/31/2025 Highest Quarter: 0.1763 Lowest Quarter: -0.2390 Year-to-Date: 0.0262 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 2005-06-16 0.1098 0.0887 0.0802 0.0737 0.0931 0.0679 0.0634 0.0595 0.0707 0.0642 0.0601 0.0575 0.1867 0.1116 0.0995 0.0816 Investment objective Total return greater than that of its benchmark, the MSCI ACWI. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0004 0.0004 0.0022 0.0057 0.0057 0.0057 0.0061 0.0061 0.0079 -0.0003 -0.0003 -0.0003 0.0058 0.0058 0.0076 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 59 192 337 759 59 192 337 759 78 249 436 975 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 20% of the average value of its portfolio securities. 0.20 Principal investment strategies The Fund is a fund of funds and invests primarily in equities traded in U.S. and non-U.S. markets (including emerging markets) through its investment in the Equity Funds and GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). The Fund also may invest directly in securities (including other underlying funds) and derivatives.GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time.Under normal circumstances, the Fund invests (including through its investment in the underlying GMO Funds) at least 80% of its assets in equities (see “Name Policies”).The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. The fees and expenses associated with an investment in the Fund are less predictable than those associated with an investment in funds that charge a fixed management fee. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark (a broad-based securities market index) and a composite index computed by GMO that tracks historical changes in the Fund's benchmark over time. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark (a broad-based securities market index) and a composite index computed by GMO that tracks historical changes in the Fund's benchmark over time. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:17.13%2Q 2020Lowest Quarter:-24.20%1Q 2020Year-to-Date:2.74%As of3/31/2025 Highest Quarter: 0.1713 Lowest Quarter: -0.2420 Year-to-Date: 0.0274 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 1996-11-26 0.0951 0.0694 0.0699 0.0777 0.0787 0.0515 0.0553 0.0586 0.0632 0.0497 0.0526 0.0585 0.1749 0.1006 0.0923 0.0715 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.1749 0.1006 0.0923 0.0710 2020-07-15 0.0951 0.0955 0.1749 0.1177 0.1749 0.1177 2020-08-17 0.0939 0.0873 0.1749 0.1100 0.1749 0.1100 Investment objective Total return greater than that of its benchmark, the MSCI EAFE Index. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0006 0.0006 0.0018 0.0063 0.0063 0.0063 0.0069 0.0069 0.0081 -0.0005 -0.0005 -0.0005 0.0064 0.0064 0.0076 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 65 216 379 854 65 216 379 854 78 254 445 997 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 11% of the average value of its portfolio securities. 0.11 Principal investment strategies The Fund is a fund of funds and invests primarily in equities traded in non-U.S. markets (including emerging markets) through its investment in Equity Funds and GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). The Fund also may invest directly in securities (including other underlying funds) and derivatives.GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time. Under normal circumstances, the Fund invests (including through its investment in the underlying GMO Funds) at least 80% of its assets in equities (see “Name Policies”). In addition, under normal circumstances, the Fund invests (including through its investment in the underlying GMO Funds) at least 80% of its assets in equities tied economically to developed markets (see “Name Policies”). The term “developed markets” means those countries included in the MSCI World Index, a global developed markets equity index, and countries with similar characteristics (e.g., countries that have sustained economic development, sufficient liquidity for listed companies and accessible markets). The Fund also may invest in equities tied economically to emerging markets (which are not part of the Fund’s benchmark), but those investments typically will represent 10% or less of the Fund’s net assets measured at the time of purchase. The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. The fees and expenses associated with an investment in the Fund are less predictable than those associated with an investment in funds that charge a fixed management fee. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund’s benchmark, a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund’s benchmark, a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:17.89%4Q 2022Lowest Quarter:-23.99%1Q 2020Year-to-Date:10.06%As of3/31/2025 Highest Quarter: 0.1789 Lowest Quarter: -0.2399 Year-to-Date: 0.1006 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 2006-06-05 0.1064 0.0695 0.0547 0.0444 0.0928 0.0550 0.0445 0.0339 0.0712 0.0517 0.0424 0.0344 0.0382 0.0473 0.0520 0.0387 2021-01-22 0.1064 0.0594 0.0382 0.0339 Investment objective Total return greater than that of its benchmark, the MSCI ACWI ex USA. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0006 0.0006 0.0018 0.0069 0.0069 0.0069 0.0075 0.0075 0.0087 -0.0005 -0.0005 -0.0005 0.0070 0.0070 0.0082 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 72 235 412 926 72 235 412 926 84 273 477 1068 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 20% of the average value of its portfolio securities. 0.20 Principal investment strategies The Fund is a fund of funds and invests primarily in equities traded in non-U.S. markets (including emerging markets) through its investment in Equity Funds and GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). The Fund also may invest directly in securities (including other underlying funds) and derivatives.GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time.Under normal circumstances, the Fund invests (including through its investment in the underlying GMO Funds) at least 80% of its assets in equities (see “Name Policies”).The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. The fees and expenses associated with an investment in the Fund are less predictable than those associated with an investment in funds that charge a fixed management fee. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund’s benchmark, a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund’s benchmark, a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:16.30%2Q 2020Lowest Quarter:-24.01%1Q 2020Year-to-Date:8.15%As of3/31/2025 Highest Quarter: 0.1630 Lowest Quarter: -0.2401 Year-to-Date: 0.0815 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 1996-10-11 0.0840 0.0406 0.0441 0.0636 0.0660 0.0257 0.0327 0.0489 0.0582 0.0292 0.0338 0.0502 0.0553 0.0410 0.0480 0.0508 2019-08-30 0.0840 0.0407 0.0676 0.0553 0.0410 0.0602 Investment objective High total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0072 0.0065 0.0059 0.0072 0.0072 0.0007 0.0007 0.0007 0.0007 0.0021 0.0001 0.0001 0.0001 0.0001 0.0001 0.0080 0.0073 0.0067 0.0080 0.0094 -0.0004 -0.0004 -0.0004 -0.0004 -0.0018 0.0076 0.0069 0.0063 0.0076 0.0076 June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 78 251 440 986 70 229 402 903 64 210 369 831 78 251 440 986 78 282 503 1138 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 84% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 71% of the average value of its portfolio securities. 0.84 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in non-U.S. developed market equities. GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information, securities’ prices, equity and other markets, the overall global economy, and governmental policies. In selecting securities for the Fund, GMO uses a combination of proprietary quantitative investment methods to identify international equities GMO believes have positive return potential relative to other international equities. Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or market, and macroeconomic factors. In constructing the Fund’s portfolio, GMO also considers a position size, sector and industry exposure, country and region exposure, currencies, market capitalization, liquidity, and transaction costs. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency and companies with similar market capitalizations. The Fund may invest in securities of companies of any market capitalization. GMO also may consider ESG (environmental, social and governance) criteria. For example, GMO generally avoids investing the Fund’s assets in companies engaged in the manufacture, supply, or distribution of cluster munitions, as well as companies primarily involved in the mining and production of thermal coal. The factors GMO considers and investment methods GMO uses can change over time.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities.Under normal circumstances, the Fund invests directly and indirectly (through underlying funds or derivatives) at least 80% of its assets in equities (see “Name Policies”).The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:18.56%4Q 2022Lowest Quarter:-23.97%1Q 2020Year-to-Date:9.74%As of3/31/2025 Highest Quarter: 0.1856 Lowest Quarter: -0.2397 Year-to-Date: 0.0974 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 1987-03-31 0.1298 0.0799 0.0578 0.0732 0.1193 0.0652 0.0477 0.0593 0.0845 0.0597 0.0447 0.0585 0.0382 0.0473 0.0520 0.0522 1998-01-09 0.1302 0.0806 0.0584 0.0648 0.0382 0.0473 0.0520 0.0506 2021-05-24 0.1277 0.0470 0.0382 0.0180 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0065 0.0060 0.0065 0.0065 0.0010 0.0010 0.0010 0.0539 0.0075 0.0070 0.0075 0.0604 -0.0006 -0.0006 -0.0006 -0.0523 0.0069 0.0064 0.0069 0.0081 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 70 234 411 925 65 218 384 865 70 234 411 925 83 1328 2548 5488 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 59% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 49% of the average value of its portfolio securities. 0.59 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in international equity markets. GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information, securities’ prices, equity and other markets, the overall global economy, and governmental policies. The Fund seeks to capitalize opportunistically on what GMO believes to be market dislocations within the international equity markets.In selecting securities for the Fund, GMO uses a combination of proprietary quantitative investment methods to identify international equities GMO believes have positive return potential relative to other international equities. A key component of the process is GMO’s proprietary methodology for assessing values of company tangible and intangible assets and generating equity return forecasts, which are then incorporated into relative valuations models. Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or market, and macroeconomic factors. In constructing the Fund’s portfolio, GMO also considers position size, sector and industry exposure, country and region exposure, currencies, market capitalization, liquidity, and transaction costs. GMO may also consider ESG (environmental, social and governance) criteria. For example, GMO generally avoids investing the Fund’s assets in companies engaged in the manufacture, supply, or distribution of cluster munitions, as well as companies primarily involved in the mining and production of thermal coal. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency and companies with similar market capitalizations. The Fund may invest in securities of companies of any market capitalization. The factors GMO considers and investment methods GMO uses can change over time. As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities.The Fund primarily invests directly and indirectly (e.g., through underlying funds or derivatives) in equities of companies tied economically to developed countries other than the United States. Under normal circumstances, the Fund invests directly and indirectly at least 80% of its assets in equities (see “Name Policies”). The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the MSCI World ex USA Value Index and a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the MSCI World ex USA Value Index and a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1,2 Years Ending December 31 Highest Quarter:19.15%4Q 2022Lowest Quarter:-23.02%1Q 2020Year-to-Date:12.27%As of3/31/2025 Highest Quarter: 0.1915 Lowest Quarter: -0.2302 Year-to-Date: 0.1227 2025-03-31 Average Annual Total Returns1,2 Periods Ending December 31, 2024 1998-07-29 0.0525 0.0590 0.0459 0.0585 0.0261 0.0420 0.0337 0.0502 0.0429 0.0450 0.0358 0.0496 0.0665 0.0550 0.0454 0.0489 0.0470 0.0510 0.0526 0.0463 2023-09-25 0.0537 0.0948 0.0665 0.1173 0.0470 0.1176 2023-08-14 0.0510 0.0846 0.0665 0.1069 0.0470 0.0840 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0065 0.0060 0.00585 0.00555 0.0065 0.0065 0.0013 0.0013 0.0013 0.0013 0.0013 0.0024 0.0078 0.0073 0.0072 0.0069 0.0078 0.0089 -0.0010 -0.0010 -0.0010 -0.0010 -0.0010 -0.0009 0.0068 0.0063 0.0062 0.0059 0.0068 0.0080 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 69 239 423 957 64 223 396 897 63 220 391 885 60 211 374 849 69 239 423 957 82 275 484 1088 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 32% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 23% of the average value of its portfolio securities. 0.32 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equity securities of Japanese companies and companies tied economically to Japan that GMO believes are attractively valued and conservatively capitalized.In selecting securities for the Fund, GMO uses a bottom-up approach that takes into account both systematic factors, such as profitability, profit stability and leverage, and judgmental factors, such as GMO’s assessment of a company’s management (through management engagement and other forms of research), business strategies and key risks. GMO monitors macroeconomic, social, political, and regulatory developments, including the potential impact of those developments on a company’s future prospects. In addition, GMO may consider ESG (environmental, social, and governance) criteria when evaluating Fund investments. GMO routinely engages with management to seek to increase value.The Fund may invest in securities of companies of any market capitalization. The factors GMO considers and investment methods GMO uses can change over time. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or benchmark. In addition to having substantial exposure to Japanese securities and the Japanese yen, at times the Fund may have substantial exposure to a single issuer, asset class, sector, industry or region, or companies with similar market capitalizations. As an alternative to investing directly in common stock, the Fund may invest in exchange-traded funds (ETFs). The Fund also may invest in American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts.Under normal circumstances, the Fund invests directly and indirectly (e.g., through underlying funds or derivatives) at least 80% of its assets in securities of companies tied economically to Japan (see “Name Policies”). The Fund also may invest in GMO U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Focused Investment Risk – Because the Fund focuses its investments in securities of Japanese companies and companies tied economically to Japan, the Fund is more susceptible to changes in Japanese economic and political conditions, the reliability of financial information available concerning those companies, and the legal, tax and regulatory environment in Japan. Japan’s economy has experienced significant deflation and instability in its financial institutions historically, and there can be no assurance that such difficulties will not resurface, particularly in the event of a change in political leadership or other circumstances affecting the social, political or economic landscape of Japan. Changes in international trade and government tax and fiscal policies may have negative effects on the Japanese economy. Japan’s economy is geared toward global trade, and there can be no assurance that overseas demand for the products and services of Japanese companies will not change adversely in the future. Changes in any of the factors noted above could have a material negative impact on the Fund’s investments. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. ●Currency Risk – Fluctuations in the exchange rate between the U.S. dollar and the Japanese Yen can adversely affect the market value of the Fund’s holdings (e.g., the value of the U.S. dollar increases in relation to the Japanese Yen). ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets, including Japan. Shifts within Japan’s domestic political landscape, as well as political shifts affecting countries neighboring Japan (e.g., China, Taiwan, Russia, North Korea and South Korea), pose a particular risk of adverse effects on the Japanese economy and market. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 Highest Quarter:17.02%4Q 2020Lowest Quarter:-9.15%2Q 2022Year-to-Date:6.06%As of3/31/2025 Highest Quarter: 0.1702 Lowest Quarter: -0.0915 Year-to-Date: 0.0606 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2021-12-30 0.0818 0.0471 0.0764 0.0295 2020-09-14 0.0829 0.0732 0.0772 0.0512 0.0545 0.0508 0.0764 0.0514 2021-06-07 0.0807 0.0178 0.0764 0.0171 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0048 0.00435 0.00415 0.00385 0.0048 0.0048 0.0003 0.0003 0.0003 0.0003 0.0003 0.0015 0.0051 0.0047 0.0045 0.0042 0.0051 0.0063 -0.0000 -0.0000 -0.0000 -0.0000 -0.0000 -0.0000 0.0051 0.0047 0.0045 0.0042 0.0051 0.0063 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 52 164 285 640 48 151 263 591 46 144 252 567 43 135 235 530 52 164 285 640 64 202 351 786 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 28% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 16% of the average value of its portfolio securities. 0.28 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equities of companies that GMO believes to be of high quality. GMO believes a high quality company generally to be a company that has an established business that will deliver a high level of return on past investments and that will use cash flows to make investments with the potential for a high return on capital or to return cash to shareholders through dividends or share buybacks. In selecting securities for the Fund, GMO uses a combination of investment methods, typically considering both (1) systematic factors, based on profitability, profit stability, leverage, and other publicly available financial information, and (2) judgmental factors, based on GMO’s assessment of future profitability, capital allocation, growth opportunities, and sustainability against competitive forces. GMO also may rely on valuation methodologies, such as discounted cash flow analysis and multiples of price to earnings, revenues, book values or other fundamental metrics. The Fund also is permitted to invest directly and indirectly (e.g., through underlying funds or derivatives) in equities of companies tied economically to any country in the world, including emerging countries.At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency and companies with similar market capitalizations. The Fund may invest in securities of companies of any market capitalization. The factors GMO considers and investment methods GMO uses can change over time. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 Highest Quarter:16.03%2Q 2020Lowest Quarter:-16.42%1Q 2020Year-to-Date:-1.01%As of3/31/2025 Highest Quarter: 0.1603 Lowest Quarter: -0.1642 Year-to-Date: -0.0101 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2004-02-06 0.1892 0.1440 0.1406 0.1026 0.1762 0.1221 0.1151 0.0845 0.1217 0.1098 0.1074 0.0806 0.2502 0.1452 0.1310 0.1028 2004-02-06 0.1900 0.1445 0.1411 0.1031 0.2502 0.1452 0.1310 0.1028 2006-12-08 0.1904 0.1451 0.1416 0.1127 0.2502 0.1452 0.1310 0.1037 2019-11-12 0.1895 0.1441 0.1511 0.2502 0.1452 0.1516 2019-09-26 0.1881 0.1428 0.1572 0.2502 0.1452 0.1564 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0065 0.0060 0.00585 0.00555 0.0065 0.0065 0.0007 0.0007 0.0007 0.0007 0.0007 0.0019 0.0072 0.0067 0.0066 0.0063 0.0072 0.0084 -0.0000 -0.0000 -0.0000 -0.0000 -0.0000 -0.0000 0.0072 0.0067 0.0066 0.0063 0.0072 0.0084 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 74 230 401 894 68 214 373 835 67 211 368 822 64 202 351 786 74 230 401 894 86 268 466 1037 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 79% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 48% of the average value of its portfolio securities. 0.79 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equities of companies in the natural resources sector (as defined below). Given global population growth, the industrialization of emerging countries, and the clean energy transition, GMO believes that global demand for many natural resources will increase and, given the finite supply of natural resources, that prices of these natural resources will increase over a long time period. GMO also believes that the demand for clean energy will continue to increase. In managing the Fund, GMO seeks to invest the Fund’s assets in the securities of companies that it believes will benefit from, and avoid companies it believes will be adversely affected by, the long-term increase GMO expects in natural resource prices and the increasing demand for clean energy. GMO expects the Fund’s long-term performance to have a low correlation to the performance of equity markets generally.GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information and corporate behavior (such as profit warnings, share issuance or repurchase, and director dealings in company stock), securities’ prices, commodities’ prices, equity and bond markets, the overall global economy, and governmental policies. GMO also may consider ESG (environmental, social, and governance) criteria.In selecting securities for the Fund, GMO uses a combination of investment methods to identify natural resources equities GMO believes have positive return potential relative to other natural resources equities. Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of a security or groups of securities relative to other securities of companies in the natural resources sector. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency and companies with similar market capitalizations. The Fund invests in companies tied economically to emerging markets. The Fund may invest its assets in securities of companies of any market capitalization and may invest a significant portion of its assets in securities of companies with smaller market capitalizations. The factors GMO considers and investment methods GMO uses can change over time. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities.The Fund has a fundamental policy to concentrate its investments in the natural resources sector, and under normal market conditions, the Fund invests at least 80% of its assets in the securities of companies in that sector (see “Name Policies”). The Fund considers the “natural resources sector” to include companies that own, produce, refine, process, transport, and market natural resources and companies that provide related equipment, infrastructure, and services. The sector includes, for example, the following industries: integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology, base metal production, forest products, farming products, paper products, chemicals, building materials, coal, water, alternative energy sources, and environmental services. The Fund is permitted to invest directly and indirectly (e.g., through underlying funds or derivatives) in securities of companies tied economically to any country in the world, including emerging countries. The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Focused Investment Risk – Because the Fund concentrates its investments in the natural resources sector, it is particularly exposed to adverse developments, including adverse price movements, affecting issuers in the natural resources sector and is subject to higher risks than a fund that invests in a wider range of industries. In addition, the market prices of securities of companies in the natural resources sector are often more volatile (particularly in the short term) than those of securities of companies in other industries. Some of the commodities used as raw materials or produced by these companies are subject to broad price fluctuations as a result of industry-wide supply and demand factors. Companies in the natural resources sector often have limited pricing power over the supplies they purchase and the products they sell, which can affect their profitability. Such companies are often capital-intensive and use significant amounts of leverage, subjecting them to the risk of rising interest rates that could adversely affect their ability to repay debt issued to finance capital projects and/or to borrow or otherwise raise additional money to finance those projects. Projects in the natural resources sector may take extended periods of time to complete, and companies cannot ensure that the market will be favorable at the time the project begins production. Companies in the natural resources sector also may be subject to special risks associated with natural or man-made disasters. In addition, companies in the natural resources sector can be especially affected by political and economic developments, government regulations including changes in tax law or interpretations of law, energy conservation, and the success of exploration projects. Specifically, companies in the natural resources sector can be significantly affected by import controls, worldwide competition and cartels, and changes in consumer sentiment and spending and can be subject to liability for, among other things, environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. The Fund’s concentration in the securities of natural resources companies exposes it to the price movements of natural resources to a greater extent than if it were more broadly diversified. Because the Fund invests primarily in the natural resources sector, it runs the risk of performing poorly during an economic downturn or a decline in demand for natural resources. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly more than if the Fund had a broader range of investments. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the MSCI ACWI Commodity Producers Index and a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall global equity market. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the MSCI ACWI Commodity Producers Index and a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall global equity market. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 Highest Quarter:38.17%4Q 2020Lowest Quarter:-35.58%1Q 2020Year-to-Date:-5.90%As of3/31/2025 Highest Quarter: 0.3817 Lowest Quarter: -0.3558 Year-to-Date: -0.0590 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2011-12-28 -0.1770 0.0399 0.0700 0.0498 -0.1838 0.0190 0.0552 0.0347 -0.1005 0.0282 0.0543 0.0368 -0.0556 0.0589 0.0402 0.0234 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.1749 0.1006 0.0923 0.1042 2013-03-20 -0.1764 0.0404 0.0705 0.0477 -0.0556 0.0589 0.0402 0.0242 0.1749 0.1006 0.0923 0.0949 2022-02-08 -0.1760 -0.0872 -0.0556 0.0165 0.1749 0.0726 2021-01-22 -0.1773 -0.0251 -0.0556 0.0946 0.1749 0.0784 2021-01-22 -0.1783 -0.0261 -0.0556 0.0946 0.1749 0.0784 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0095 0.0090 0.00885 0.00855 0.0095 0.0095 0.0016 0.0016 0.0016 0.0016 0.0016 0.0028 0.0111 0.0106 0.0105 0.0102 0.0111 0.0123 -0.0016 -0.0016 -0.0016 -0.0016 -0.0016 -0.0016 0.0095 0.0090 0.0089 0.0086 0.0095 0.0107 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 97 337 596 1337 92 321 569 1280 91 318 564 1268 88 309 548 1233 97 337 596 1337 109 374 660 1475 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 58% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 47% of the average value of its portfolio securities. 0.58 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equities of companies in the resource transition sector (as defined below). Given global population growth, the industrialization of emerging countries, and the clean energy transition, GMO believes that global demand for many natural resources will increase and, given the finite supply of natural resources, that prices of these natural resources will increase over a long time period. GMO also believes that the demand for clean energy will continue to increase. In managing the Fund, GMO seeks to invest the Fund’s assets in the securities of companies that it believes will benefit from and avoid companies it believes will be adversely affected by, the long-term increase GMO expects in natural resource prices and the increasing demand for clean energy. GMO expects the Fund’s long-term performance to have a low correlation to the performance of equity markets generally.GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information and corporate behavior (such as profit warnings, share issuance or repurchase, and director dealings in company stock), securities’ prices, commodities’ prices, equity and bond markets, the overall global economy, and governmental policies. GMO also may consider ESG (environmental, social, and governance) criteria.In selecting securities for the Fund, GMO uses a combination of investment methods to identify resource transition equities GMO believes have positive return potential relative to the securities of other resource transition equities. Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of a security or groups of securities relative to other securities of companies in the resource transition sector. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency and companies with similar market capitalizations. The Fund invests in companies tied economically to emerging markets. The Fund may invest its assets in securities of companies of any market capitalization and may invest a significant portion of its assets in securities of companies with smaller market capitalizations. The factors GMO considers and investment methods GMO uses can change over time. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities.The Fund has a fundamental policy to concentrate its investments in the resource transition sector, and under normal market conditions, the Fund invests at least 80% of its assets in the securities of companies in that sector (see “Name Policies”). The Fund considers the “resource transition sector” to include companies that own, produce, refine, process, transport, and market natural resources other than fossil fuels and companies that provide related equipment, infrastructure, and services. The sector includes, for example companies in the following industries: diversified mining, precious metals, steel and iron ore production, energy services and technology, base metal production, forest products, farming products, paper products, chemicals, building materials, water, alternative energy sources, and environmental services. The Fund does not consider the integrated oil and gas or oil and gas exploration and production industries to be part of the “resource transition sector”. The Fund is permitted to invest directly and indirectly (e.g., through underlying funds or derivatives) in securities of companies tied economically to any country in the world, including emerging countries. The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Focused Investment Risk – Because the Fund concentrates its investments in the resource transition sector, it is particularly exposed to adverse developments, including adverse price movements, affecting issuers in the resource transition sector and is subject to higher risks than a fund that invests in a wider range of industries. In addition, the market prices of securities of companies in the resource transition sector are often more volatile (particularly in the short term) than those of securities of companies in other industries. Some of the commodities used as raw materials or produced by these companies are subject to broad price fluctuations as a result of industry-wide supply and demand factors. Companies in the resource transition sector often have limited pricing power over the supplies they purchase and the products they sell, which can affect their profitability. Such companies are often capital-intensive and use significant amounts of leverage, subjecting them to the risk of rising interest rates that could adversely affect their ability to repay debt issued to finance capital projects and/or to borrow or otherwise raise additional money to finance those projects. Projects in the resource transition sector may take extended periods of time to complete, and companies cannot ensure that the market will be favorable at the time the project begins production. Companies in the resource transition sector also may be subject to special risks associated with natural or man-made disasters. In addition, companies in the resource transition sector can be especially affected by political and economic developments, government regulations including changes in tax law or interpretations of law, energy conservation, and the success of exploration projects. Specifically, companies in the resource transition sector can be significantly affected by import controls, worldwide competition and cartels, and changes in consumer sentiment and spending and can be subject to liability for, among other things, environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. The Fund’s concentration in the securities of companies in the resource transition sector exposes it to the price movements of natural resources to a greater extent than if it were more broadly diversified. For example, the Fund’s lack of exposure to companies that own fossil fuel reserves or that focus on oil and gas exploration and production may have an adverse effect on Fund performance relative to a fund that invested more broadly across the natural resources sector. Because the Fund invests primarily in the resource transition sector, it runs the risk of performing poorly during an economic downturn or a decline in demand for natural resources. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly more than if the Fund had a broader range of investments. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the MSCI ACWI Commodity Producers ex-Energy Index and a broad-based securities market index.Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the MSCI ACWI Commodity Producers ex-Energy Index and a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 Highest Quarter:6.83%3Q 2024Lowest Quarter:-18.67%4Q 2024Year-to-Date:-8.11%As of3/31/2025 Highest Quarter: 0.0683 Lowest Quarter: -0.1867 Year-to-Date: -0.0811 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2023-02-15 -0.2624 -0.2308 -0.2683 -0.2391 -0.1535 -0.1706 -0.1277 -0.0732 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.1749 0.1642 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0075 0.0070 0.00685 0.00655 0.0075 0.0075 0.0009 0.0009 0.0009 0.0009 0.0009 0.0019 0.0084 0.0079 0.0078 0.0075 0.0084 0.0094 -0.0008 -0.0008 -0.0008 -0.0008 -0.0008 -0.0008 0.0076 0.0071 0.0070 0.0067 0.0076 0.0086 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 78 260 458 1030 73 244 431 970 72 241 425 959 68 232 409 923 78 260 458 1030 88 292 512 1147 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 77% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 51% of the average value of its portfolio securities. 0.77 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equities of U.S. small-cap companies that GMO believes to be of high quality. GMO believes a high quality company generally to be a company that has an established business that will deliver a high level of return on past investments and that will use cash flows to make investments with the potential for a high return on capital or to return cash to shareholders through dividends or share buybacks.In selecting securities for the Fund, GMO uses a combination of investment methods, typically considering both systematic factors, based on profitability, profit stability, leverage, and other publicly available financial information, and judgmental factors, based on GMO’s assessment of future profitability, capital allocation, growth opportunities, and sustainability against competitive forces. GMO also may rely on valuation methodologies, such as discounted cash flow analysis and multiples of price to earnings, revenues, book values or other fundamental metrics. The Fund also is permitted to invest directly and indirectly (e.g., through underlying funds or derivatives) in equities of companies tied economically to any country in the world, including emerging countries. At times, the Fund may have substantial exposure to a single asset class, industry, sector and companies with similar market capitalizations. The Fund may invest in securities of companies of any market capitalization. The factors GMO considers and investment methods GMO uses can change over time. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities.Under normal circumstances, the Fund invests directly and indirectly at least 80% of its assets in equities of small-cap companies (see “Name Policies”). The term “small-cap companies” means companies whose market capitalization at the time of investment is less than that of the companies in the bottom decile of market capitalization of the MSCI US IMI Index or that are included in the S&P SmallCap 600 Index. As of May 31, 2025, the market capitalization of companies comprising the bottom decile of the MSCI US IMI Index by market capitalization ranged from approximately $65.7 million to $14.0 billion. As of May 31, 2025, the market capitalization for the companies comprising the S&P SmallCap 600 Index ranged from approximately $185.1 million to $8.2 billion.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. ●Smaller Company Risk – Small-cap companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of small-cap companies often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the S&P SmallCap 600 Index and a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall domestic equity market. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the S&P SmallCap 600 Index and a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall domestic equity market. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 Highest Quarter:13.07%4Q 2022Lowest Quarter:-4.35%3Q 2022Year-to-Date:-9.80%As of3/31/2025 Highest Quarter: 0.1307 Lowest Quarter: -0.0435 Year-to-Date: -0.0980 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2022-11-15 0.0922 0.1575 0.0870 0.0834 0.2395 0.2092 2022-09-20 0.0936 0.2189 0.0744 0.1681 0.0645 0.1503 0.0870 0.1164 0.2395 0.2152 2022-11-15 0.0926 0.1573 0.0870 0.0834 0.2395 0.2092 Investment objective High total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0046 0.0041 0.00395 0.00365 0.0046 0.0046 0.0013 0.0013 0.0013 0.0013 0.0013 0.0025 0.0059 0.0054 0.0053 0.0050 0.0059 0.0071 -0.0010 -0.0010 -0.0010 -0.0010 -0.0010 -0.0010 0.0049 0.0044 0.0043 0.0040 0.0049 0.0061 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 179 319 728 45 163 292 667 44 160 286 655 41 150 270 619 50 179 319 728 62 217 385 873 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 97% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 89% of the average value of its portfolio securities. 0.97 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in securities traded in U.S. equity markets. GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information, securities’ prices, equity and other markets, the overall global economy, and governmental policies. In selecting securities for the Fund, GMO uses a combination of proprietary quantitative investment methods to identify U.S. equities GMO believes have positive return potential relative to other U.S. equities. Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or market, and macroeconomic factors. In constructing the Fund’s portfolio, GMO also considers position size, sector and industry exposure, market capitalization, liquidity, and transaction costs. At times, the Fund may have substantial exposure to a single asset class, industry, sector and companies with similar market capitalizations. The Fund may invest in securities of companies of any market capitalization. GMO also may consider ESG (environmental, social and governance) criteria. For example, GMO generally avoids investing the Fund’s assets in companies engaged in the manufacture, supply, or distribution of cluster munitions, as well as companies primarily involved in the mining and production of thermal coal. The factors GMO considers and investment methods GMO uses can change over time.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, and swap contracts. In addition, the Fund may lend its portfolio securities.Under normal circumstances, the Fund invests directly and indirectly (e.g., through underlying funds or derivatives) at least 80% of its assets in equities tied economically to the United States (see “Name Policies”).The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:19.81%2Q 2020Lowest Quarter:-21.15%1Q 2020Year-to-Date:-5.68%As of3/31/2025 Highest Quarter: 0.1981 Lowest Quarter: -0.2115 Year-to-Date: -0.0568 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 1985-09-18 0.2092 0.1415 0.1178 0.1139 0.1555 0.1024 0.0818 0.0854 0.1450 0.1020 0.0842 0.0857 0.2395 0.1413 0.1279 2003-06-30 0.2094 0.1425 0.1187 0.0956 0.2395 0.1413 0.1279 0.1088 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0046 0.0041 0.00395 0.00365 0.0046 0.0046 0.0007 0.0007 0.0006 0.0006 0.0007 0.0019 0.0053 0.0048 0.0046 0.0043 0.0053 0.0065 -0.0004 -0.0004 -0.0004 -0.0004 -0.0004 -0.0004 0.0049 0.0044 0.0042 0.0039 0.0049 0.0061 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 166 292 661 45 150 265 600 43 144 254 575 40 134 237 538 50 166 292 661 62 204 358 807 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 72% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 65% of the average value of its portfolio securities. 0.72 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in securities traded in U.S. equity markets. GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information, securities’ prices, equity and other markets, the overall global economy, and governmental policies. The Fund seeks to capitalize opportunistically on what GMO believes to be market dislocations within the U.S. equity markets.In selecting securities for the Fund, GMO uses a combination of proprietary quantitative investment methods to identify U.S. equities GMO believes have positive return potential relative to other U.S. equities. A key component of the process is GMO’s proprietary methodology for assessing values of company tangible and intangible assets and generating equity return forecasts, which are then incorporated into relative valuation models. Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or market, and macroeconomic factors. In constructing the Fund’s portfolio, GMO also considers position size, sector and industry exposure, market capitalization, liquidity, and transaction costs. GMO also may consider ESG (environmental, social, and governance) criteria. For example, GMO generally avoids investing the Fund’s assets in companies engaged in the manufacture, supply, or distribution of cluster munitions, as well as companies primarily involved in the mining and production of thermal coal. At times, the Fund expects to have substantial exposure to a single asset class, industry, sector and companies with similar market capitalizations. The Fund may invest in securities of companies of any market capitalization. The factors GMO considers and investment methods GMO uses can change over time.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, and swap contracts. In addition, the Fund may lend its portfolio securities.Under normal circumstances, the Fund invests directly and indirectly (e.g., through underlying funds or derivatives) at least 80% of its assets in companies tied economically to the United States (see “Name Policies”). The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the MSCI USA Value Index and a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the MSCI USA Value Index and a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 Highest Quarter:10.87%4Q 2023Lowest Quarter:-3.36%4Q 2022Year-to-Date:0.93%As of3/31/2025 Highest Quarter: 0.1087 Lowest Quarter: -0.0336 Year-to-Date: 0.0093 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2023-02-15 0.1294 0.1040 0.1434 0.1070 0.2508 0.2248 2023-02-15 0.1301 0.1046 0.1434 0.1070 0.2508 0.2248 2022-12-13 0.1309 0.1248 0.0924 0.0961 0.0910 0.0887 0.1434 0.1013 0.2508 0.2258 2023-08-28 0.1297 0.1663 0.1434 0.1597 0.2508 0.2565 2023-02-15 0.1285 0.1031 0.1434 0.1070 0.2508 0.2248 Investment objective Total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0046 0.0041 0.00395 0.00365 0.0046 0.0046 0.0031 0.0031 0.0031 0.0031 0.0031 0.0043 0.0077 0.0072 0.0071 0.0068 0.0077 0.0089 -0.0020 -0.0020 -0.0020 -0.0020 -0.0020 -0.0020 0.0057 0.0052 0.0051 0.0048 0.0057 0.0069 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 58 226 408 935 53 210 381 876 52 207 375 864 49 197 359 828 58 226 408 935 70 264 473 1078 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 90% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 89% of the average value of its portfolio securities. 0.90 Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equities of U.S. small-cap companies. GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information, securities’ prices, equity and other markets, the overall global economy, and governmental policies. In selecting securities for the Fund, GMO uses a combination of proprietary quantitative investment methods to identify U.S. equities GMO believes have positive return potential relative to other U.S. equities. Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or market, and macroeconomic factors. In constructing the Fund’s portfolio, GMO also considers position size, sector and industry exposure, market capitalization, liquidity, and transaction costs. At times, the Fund may have substantial exposure to a single asset class, industry, sector and companies with similar market capitalizations. The Fund may invest in securities of companies of any market capitalization. GMO also may consider ESG (environmental, social and governance) criteria. For example, GMO generally avoids investing the Fund’s assets in companies engaged in the manufacture, supply, or distribution of cluster munitions, as well as companies primarily involved in the mining and production of thermal coal. The factors GMO considers and investment methods GMO uses can change over time.As an alternative to investing directly in equities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include futures, options, and swap contracts. In addition, the Fund may lend its portfolio securities.Under normal circumstances, the Fund invests directly and indirectly at least 80% of its assets in equities of small-cap companies (see “Name Policies”). The term “small-cap companies” means companies whose market capitalization at the time of investment is less than that of the companies in the bottom decile of market capitalization of the MSCI US IMI Index or that are included in the S&P SmallCap 600 Index. As of May 31, 2025, the market capitalization of companies comprising the bottom decile of the MSCI US IMI Index by market capitalization ranged from approximately $65.7 million to $14.0 billion. As of May 31, 2025, the market capitalization for the companies comprising the S&P SmallCap 600 Index ranged from approximately $185.1 million to $8.2 billion.Under normal circumstances, the Fund invests directly and indirectly (e.g., through underlying funds or derivatives) at least 80% of its assets in companies tied economically to the United States (see “Name Policies”).The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Smaller Company Risk – Small-cap companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of small-cap companies often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index and an additional comparative index intended solely to represent, in satisfaction of regulatory requirements, the overall domestic equity market. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based securities market index and an additional comparative index intended solely to represent, in satisfaction of regulatory requirements, the overall domestic equity market. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 Highest Quarter:27.43%4Q 2020Lowest Quarter:-38.07%1Q 2020Year-to-Date:-7.48%As of3/31/2025 Highest Quarter: 0.2743 Lowest Quarter: -0.3807 Year-to-Date: -0.0748 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2019-07-02 0.1116 0.1026 0.1094 0.1075 0.0686 0.0778 0.0694 0.0686 0.0754 0.0756 0.0809 0.0923 0.2395 0.1413 0.1465 Investment objective Total return in excess of that of its benchmark, the J.P. Morgan EMBI Global Diversified. Fees and expenses The tables below describe the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. 0.0075 0.0075 0.0075 -0.0075 -0.0075 -0.0075 Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0050 0.0045 0.00405 0.0011 0.0011 0.0010 0.0006 0.0007 0.0006 0.0005 0.0004 0.0004 0.0061 0.0056 0.0051 -0.0000 -0.0000 -0.0000 0.0061 0.0056 0.0051 June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 215 354 505 946 137 269 413 831 210 338 478 886 132 253 385 771 205 322 451 826 127 237 358 711 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 35% of the average value of its portfolio securities. 0.35 Principal investment strategies The Fund invests primarily in debt of emerging country sovereign and quasi-sovereign issuers. “Sovereign” refers to a government and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. Under normal circumstances, the Fund invests directly and indirectly (e.g., through other GMO Funds or derivatives) at least 80% of its assets in debt investments tied economically to emerging countries (see “Name Policies”). In general, the Fund considers “emerging countries” to be countries whose securities are included in the Fund’s benchmark or countries that have similar economic and social structures or default histories to those of countries whose securities are included in the Fund’s benchmark. The Fund’s performance is likely to be more volatile than that of its benchmark.When constructing the Fund’s portfolio, GMO considers risk at both the Fund’s portfolio and individual security levels and generally takes into account, among other factors, interest rate duration, credit spread duration, liquidity, transaction costs and default scenarios as well as the idiosyncratic risk of each instrument. When making investment decisions, GMO typically relies more heavily on its assessment of the risk-reward characteristics of individual investments in a given country than on its outlook for that particular country. GMO uses fundamental analytical techniques as the basis for its analysis of both individual investments and country outlook. In performing its analysis with respect to country outlook, GMO typically considers a country’s economic structure, fiscal sustainability, external liquidity, and certain ESG (environmental, social, and governance) criteria. The factors GMO considers and investment methods GMO uses can change over time.The Fund may invest in debt investments of all credit qualities, including securities that are in default, and may invest in corporate bonds. (The debt investments in which the Fund invests include below investment grade debt investments, which are commonly referred to as “high yield” or “junk bonds,” although these terms are not generally used to refer to emerging country debt securities.) The Fund invests in both non-local currency denominated debt (“hard currency debt”) and, to a lesser extent, local currency denominated debt. The hard currency debt investments in which the Fund invests are usually denominated in U.S. dollars, Euros, Japanese yen, Swiss francs, or British pounds sterling. After hedging, U.S. dollars typically represent at least 75% of the Fund’s currency exposures. The Fund typically invests in less liquid debt investments with the intention of holding them for an extended period of time.In seeking to achieve the Fund’s investment objective, GMO typically invests a portion of the Fund’s assets in over-the-counter (OTC) and exchange-traded derivatives, including options, swap contracts (including interest rate swaps, total return swaps and credit default swaps), forward currency contracts (including forward contracts on currencies of developed markets), and reverse repurchase agreements. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. The Fund may also engage in short sales. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to a higher risk of loss during those times than if the Fund were not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds.GMO normally seeks to maintain an interest rate duration for the Fund that is similar to that of its benchmark (approximately 6.4 years as of May 31, 2025). For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.” Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). In addition, the market prices of emerging country sovereign and quasi-sovereign debt investments can decline due to uncertainty about their credit quality and the reliability of their payment streams. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a composite index computed by GMO that tracks historical changes in the Fund’s benchmark (a broad-based securities market index) over time. Purchase premiums and redemption fees are not reflected in the bar chart, but are reflected in the table; as a result, the returns in the table are lower than the returns in the bar chart. Returns in the table reflect current purchase premiums and redemption fees. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a composite index computed by GMO that tracks historical changes in the Fund’s benchmark (a broad-based securities market index) over time. Purchase premiums and redemption fees are not reflected in the bar chart, but are reflected in the table; as a result, the returns in the table are lower than the returns in the bar chart. Returns in the table reflect current purchase premiums and redemption fees. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 Highest Quarter:12.54%2Q 2020Lowest Quarter:-14.48%1Q 2020Year-to-Date:3.57%As of3/31/2025 Highest Quarter: 0.1254 Lowest Quarter: -0.1448 Year-to-Date: 0.0357 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 1994-04-19 0.1167 0.0307 0.0483 0.1193 0.0874 -0.0079 0.0135 0.0707 0.0693 0.0067 0.0214 0.0737 0.0654 0.0019 0.0300 0.0821 1998-01-09 0.1179 0.0314 0.0488 0.0934 0.0654 0.0019 0.0300 0.0670 2021-07-29 0.1177 0.0226 0.0654 -0.0123 Investment objective Total return in excess of that of its benchmark, the J.P. Morgan EMBI Global Diversified. Fees and expenses The tables below describe the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder fees 0.0000 0.0075 0.0000 -0.0075 Annual Fund operating expenses2 (expenses that you bear each year as a percentage of the value of your investment) 0.0050 0.0050 0.0041 0.0053 0.0061 0.0061 0.0152 0.0164 -0.0089 -0.0089 0.0063 0.0075 The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sell your shares If you do not sell your shares 217 548 139 465 229 585 151 502 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the fiscal year ended February 28, 2025, the Fund has no reportable portfolio turnover rate. Principal investment strategies The Fund invests substantially all of its assets in Class III shares of Emerging Country Debt Fund (“ECDF”). ECDF invests in securities and other instruments. The Fund’s investment objective and principal investment strategies are substantially similar to those of ECDF. Except as otherwise indicated, references to the Fund may also refer to ECDF, and references to actions undertaken or investments held by the Fund may also refer to those by ECDF. GMO serves as investment adviser to both the Fund and ECDF.The Fund invests primarily in debt of emerging country sovereign and quasi-sovereign issuers. “Sovereign” refers to a government and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. Under normal circumstances, the Fund invests directly and indirectly (e.g., through other GMO Funds or derivatives) at least 80% of its assets in debt investments tied economically to emerging countries (see “Name Policies”). In general, the Fund considers “emerging countries” to be countries whose securities are included in the Fund’s benchmark or countries that have similar economic and social structures or default histories to those of countries whose securities are included in the Fund’s benchmark. The Fund’s performance is likely to be more volatile than that of its benchmark.When constructing the Fund’s portfolio, GMO considers risk at both the Fund’s portfolio and individual security levels and generally takes into account, among other factors, interest rate duration, credit spread duration, liquidity, transaction costs and default scenarios as well as the idiosyncratic risk of each instrument. When making investment decisions, GMO typically relies more heavily on its assessment of the risk-reward characteristics of individual investments in a given country than on its outlook for that particular country. GMO uses fundamental analytical techniques as the basis for its analysis of both individual investments and country outlook. In performing its analysis with respect to country outlook, GMO typically considers a country’s economic structure, fiscal sustainability, external liquidity, and certain ESG (environmental, social, and governance) criteria. The factors GMO considers and investment methods GMO uses can change over time.The Fund may invest in debt investments of all credit qualities, including securities that are in default, and may invest in corporate bonds. (The debt investments in which the Fund invests include below investment grade debt investments, which are commonly referred to as “high yield” or “junk bonds,” although these terms are not generally used to refer to emerging country debt securities.) The Fund invests in both non-local currency denominated debt (“hard currency debt”) and, to a lesser extent, local currency denominated debt. The hard currency debt investments in which the Fund invests are usually denominated in U.S. dollars, Euros, Japanese yen, Swiss francs, or British pounds sterling. After hedging, U.S. dollars typically represent at least 75% of the Fund’s currency exposures. The Fund typically invests in less liquid debt investments with the intention of holding them for an extended period of time.In seeking to achieve the Fund’s investment objective, GMO typically invests a portion of the Fund’s assets in over-the-counter (OTC) and exchange-traded derivatives, including options, swap contracts (including interest rate swaps, total return swaps and credit default swaps), forward currency contracts (including forward contracts on currencies of developed markets), and reverse repurchase agreements. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to a higher risk of loss during those times than if the Fund were not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds.GMO normally seeks to maintain an interest rate duration for the Fund that is similar to that of its benchmark (approximately 6.4 years as of May 31, 2025). For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.” Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). In addition, the market prices of emerging country sovereign and quasi-sovereign debt investments can decline due to uncertainty about their credit quality and the reliability of their payment streams. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a composite index computed by GMO that tracks historical changes in ECDF’s benchmark (a broad-based securities market index) over time. As of the date of this Prospectus, the Fund had not commenced operations. Returns shown are those of ECDF (Class III shares), adjusted to reflect the gross expenses (on a percentage basis) that are expected to be borne by shareholders of each class of shares of the Fund, as reflected in the Annual Fund operating expenses table. The impact of ECDF’s purchase premiums and redemption fees are not reflected in the bar chart, but are reflected in the table; as a result, the returns in the table are lower than the returns in the bar chart. Returns in the table reflect the impact of ECDF’s current purchase premiums and redemption fees. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class I shares only; after-tax returns for other classes will vary. Updated performance information for the Fund and ECDF is or will be (as applicable) available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of a composite index computed by GMO that tracks historical changes in ECDF’s benchmark (a broad-based securities market index) over time. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class I shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class I Shares Years Ending December 31 Highest Quarter:12.51%2Q 2020Lowest Quarter:-14.50%1Q 2020Year-to-Date:3.54%As of3/31/2025 Highest Quarter: 0.1251 Lowest Quarter: -0.1450 Year-to-Date: 0.0354 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 1994-04-19 0.1154 0.0296 0.0472 0.1182 0.0861 -0.0094 0.0115 0.0691 0.0686 0.0056 0.0202 0.0725 0.0654 0.0019 0.0300 0.0821 1994-04-19 0.1165 0.0306 0.0482 0.1193 0.0654 0.0019 0.0300 0.0821 Investment objective Positive total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses1 (expenses that you bear each year as a percentage of the value of your investment) 0.0060 0.0055 0.00535 0.00505 0.0060 0.0060 0.0058 0.0058 0.0058 0.0058 0.0058 0.0073 0.0118 0.0113 0.0112 0.0109 0.0118 0.0133 -0.0048 -0.0048 -0.0048 -0.0048 -0.0048 -0.0048 0.0070 0.0065 0.0064 0.0061 0.0070 0.0085 The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. April 30, 2027April 30, 2027 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 72 327 66 311 65 308 62 299 72 327 87 374 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the fiscal year ended February 28, 2025, the Fund has no reportable portfolio turnover rate. Principal investment strategies The Fund seeks annualized returns of 3% (net of fees) above the Secured Overnight Financing Rate (SOFR) over a complete market cycle by investing primarily in debt of emerging markets sovereign and corporate issuers and in emerging markets credit, currency, and interest rate derivatives. “Sovereign” refers to a government, and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or corporate issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by or derived from a government. The Fund can invest in both local currency denominated debt (“local debt”) and non-local currency denominated debt (“hard currency debt”) and may have significant exposure to both at any given time. In constructing the Fund’s portfolio, GMO uses fundamental analytical techniques to select country credit, corporate credit, currency, interest-rate, and individual bond and derivative instruments. For country credit selection, GMO considers a country’s economic structure, fiscal sustainability, external liquidity, and certain ESG (environmental, social, and governance) criteria. For corporate credit selection, GMO focuses on quasi-sovereign credits and considers the stand-alone credit quality of the issuer, its relationship to the local government, and any idiosyncratic risks of the bond and issuer. In selecting individual bonds, GMO considers the bond-specific characteristics, such as the coupon rate, seniority and yield. With respect to local currency investments, GMO considers the nature of the currency (i.e., floating-rate or pegged), a country’s economic cycle, market sentiment (for floating rate currencies) and valuation-based factors (for pegged currencies). With respect to local currency interest rates, GMO considers real yields and its assessment of fundamental fair values. GMO considers risk at both the Fund’s portfolio and individual security level and generally takes into account, among other factors, U.S. dollar and local currency interest rate duration, credit spread duration, currency exposure, liquidity, transaction costs and sovereign and corporate default scenarios. The factors GMO considers and investment methods GMO uses can change over time. The Fund may invest in debt investments of all credit qualities, including securities that are in default. (The debt investments in which the Fund invests include below investment grade debt investments, which are commonly referred to as “high yield” or “junk bonds,” although these terms are not generally used to refer to emerging market debt securities.) The hard currency debt investments in which the Fund invests are usually denominated in U.S. dollars, Euros, Japanese yen, Swiss francs, or British pounds sterling. The Fund may invest in less liquid debt investments with the intention of holding them for an extended period of time. Under normal circumstances, the Fund invests directly and indirectly (e.g., through other GMO Funds or derivatives) at least 80% of its assets in debt investments tied economically to emerging markets (see “Name Policies”). In general, the Fund considers “emerging markets” to include countries included in the Bloomberg EM USD Aggregate Index or countries that have similar economic and social structures or default histories to those of countries in the Bloomberg EM USD Aggregate Index. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. In seeking to achieve the Fund’s investment objective, GMO typically invests a portion of the Fund’s assets in over-the-counter (OTC) and exchange-traded derivatives, including options, swap contracts (including interest rate swaps, total return swaps and credit default swaps), forward currency contracts (including forward contracts on currencies of developed markets), and reverse repurchase agreements. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. The Fund may also engage in short sales. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to a higher risk of loss during those times than if the Fund were not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices. The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. GMO does not seek to maintain a specified interest rate duration for the Fund. For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.” Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging markets sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). In addition, the market prices of emerging markets sovereign and quasi-sovereign debt investments can decline due to uncertainty about their credit quality and the reliability of their payment streams. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. Performance Because the Fund had not yet completed a full calendar year of operations as of the date of this Prospectus, performance information for the Fund is not included. Because the Fund had not yet completed a full calendar year of operations as of the date of this Prospectus, performance information for the Fund is not included. Investment objective Total return in excess of that of its benchmark, the Markit iBoxx USD Liquid High Yield Index. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.00405 0.0050 0.0050 0.0015 0.0015 0.0153 0.0056 0.0065 0.0203 -0.0020 -0.0029 -0.0157 0.0036 0.0036 0.0046 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 37 159 293 682 37 179 333 783 47 484 948 2232 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 115% of the average value of its portfolio securities. 1.15 Principal investment strategies The Fund’s investment objective is total return (net of fees) in excess of the Markit iBoxx USD Liquid High Yield Index. GMO seeks to achieve the Fund’s investment objective by applying a systematic approach to portfolio construction. GMO’s research-based investment process is designed to take advantage of structural inefficiencies GMO has identified within the high yield bond market by dynamically allocating Fund assets across high yield bond market sectors. GMO uses quantitative models, index sampling techniques and diversification, liquidity and cost management considerations to make investment decisions for the Fund.The Fund invests in U.S. high yield bonds, commonly referred to as “junk bonds,” and other instruments providing high yield bond exposure, including fallen angel bonds (bonds originally issued as investment grade that have since been downgraded to below investment grade), short-dated bonds (bonds with short terms to maturity), exchange-traded funds (“ETFs”), and swaps on high yield bond indices (such as the credit default swap index (CDX) and the Fund’s benchmark) and ETFs. The Fund may sell (write) put options and take short positions on the CDX and other high yield bond indices. The Fund also may invest in non-U.S. high yield bonds and other instruments providing non-U.S. high yield bond exposure. In addition, the Fund may lend its portfolio securities.In addition to the bonds and derivative instruments indicated above, the Fund may invest in a wide variety of exchange-traded and over-the-counter (OTC) derivatives for investment exposure or hedging purposes, including, without limitation, reverse repurchase agreements, repurchase agreements, options, futures, swap contracts, swaptions, and foreign currency contracts. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices.Under normal circumstances, the Fund invests directly and indirectly (e.g., through derivatives and ETFs) at least 80% of its assets in high yield bonds (see “Name Policies”). The term “bond” includes (i) obligations of an issuer to make payments on future dates of principal, interest (whether fixed or variable) or both and (ii) synthetic debt instruments created by GMO by investing in derivatives. “High yield bonds” generally include those bonds rated BB+ and lower by S&P Global Ratings or Ba1 and lower by Moody’s Investors Service, Inc. They also may include unrated bonds that GMO determines are of similar quality to bonds with those ratings.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, directly in the types of investments typically held by money market funds, and in fixed income securities issued by non-U.S. developed countries and their agencies and instrumentalities. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark and a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall domestic fixed income market. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark and a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall domestic fixed income market. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 Highest Quarter:7.50%4Q 2023Lowest Quarter:-11.21%1Q 2020Year-to-Date:1.26%As of3/31/2025 Highest Quarter: 0.0750 Lowest Quarter: -0.1121 Year-to-Date: 0.0126 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2018-06-25 0.0793 0.0442 0.0541 0.0212 0.0106 0.0207 0.0462 0.0193 0.0270 0.0795 0.0353 0.0450 0.0125 -0.0033 0.0133 2023-04-13 0.0773 0.0915 0.0795 0.0938 0.0125 0.0190 Investment objective Total return and capital preservation. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses1 (expenses that you bear each year as a percentage of the value of your investment) 0.0055 0.0050 0.0045 0.0055 0.0055 0.0010 0.0010 0.0010 0.0010 0.0022 0.0036 0.0036 0.0036 0.0036 0.0036 0.0101 0.0096 0.0091 0.0101 0.0113 -0.0041 -0.0041 -0.0041 -0.0041 -0.0045 0.0060 0.0055 0.0050 0.0060 0.0068 The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the applicable expense reimbursements and waivers noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 281 56 265 51 249 61 281 69 314 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the fiscal year ended February 28, 2025, the Fund has no reportable portfolio turnover rate. Principal investment strategies GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets in the sectors within the fixed income market that GMO believes offer the most attractive risk-adjusted returns. GMO utilizes an investment process that incorporates a top-down and bottom-up research-driven framework that relies on both fundamental and quantitative techniques designed to take advantage of relative value opportunities within the fixed income markets. The Fund is a fund of funds and invests primarily in other funds managed by GMO whether now existing or created in the future (“underlying GMO Funds”), including GMO MAC Implementation Fund, GMO Emerging Country Debt Fund, GMO Emerging Markets Debt Total Return Fund, GMO High Yield Fund, GMO Opportunistic Income Fund, GMO Systematic Investment Grade Credit ETF and GMO Ultra-Short Income ETF. In deciding how to allocate Fund assets across fixed income sectors, GMO uses various techniques to evaluate the relative attractiveness of particular markets utilizing a variety of inputs. GMO uses its quantitative forecasts of fixed income asset class returns as well as its proprietary risk modeling for corporate defaults, credit risk and interest rates as part of its top-down investment process. GMO also may consider the relative attractiveness of yield curve and duration positions across sectors of the fixed income market. In addition, GMO seeks to identify opportunities arising from unusual market conditions (such as markets with heightened volatility, significant market declines, or widespread asset price dislocations) not otherwise identified by its quantitative models and uses various portfolio construction techniques to manage risk. The models and techniques used by GMO take into account value criteria, quality factors (including ESG (environmental, social, and governance) criteria in some cases), momentum, and liquidity. The Fund may invest in any sector of the bond market and is not required to maintain a minimum or maximum allocation of investments in any one sector. The Fund may invest in bonds of any maturity, duration, and credit quality. GMO changes the Fund’s holdings of particular asset classes in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time. In pursuing its investment program, the Fund may invest in bonds denominated in various currencies, including non-U.S. and U.S. government bonds, agency bonds, leveraged loans and corporate bonds, asset-backed securities, emerging country sovereign and quasi-sovereign debt securities, investment grade bonds, below investment grade bonds (commonly referred to as “high yield” or “junk bonds,”), and inflation-indexed bonds. The Fund also may invest in exchange-traded funds (ETFs) and exchange-traded and over-the-counter (OTC) derivatives, including futures contracts, currency options, forward currency contracts, repurchase agreements and reverse repurchase agreements, swap contracts (such as credit default swaps, swaps on securities and securities indices, total return swaps, interest rate swaps, currency swaps, cross currency basis swaps, commodity swaps, inflation swaps, municipal swaps, and other types of swaps), interest rate options, and other types of derivatives. In addition, the Fund may lend its portfolio securities. The Fund is not limited in its use of derivatives or in the total notional value of its derivative exposure. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices. GMO does not seek to maintain a specified interest rate duration for the Fund, and the Fund’s interest rate duration will change depending on the Fund’s investments and GMO’s assessment of different sectors of the bond market. The Fund’s interest rate duration may be positive or negative. The Fund may invest in securities of companies of any market capitalization. Under normal circumstances, the Fund invests directly or indirectly (e.g., through underlying GMO Funds) at least 80% of its assets in credit-related investments (see “Name Policies”). The term “credit-related investments” includes (i) obligations of an issuer to make payments on future dates of principal, interest (whether fixed or variable) or both and (ii) synthetic debt instruments created by GMO by investing in derivatives (e.g., a futures contract, swap contract, currency forward, or option). In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents. The Fund may also invest in GMO U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). In addition, the market prices of emerging country sovereign and quasi-sovereign debt investments can decline due to uncertainty about their credit quality and the reliability of their payment streams. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. Performance Because the Fund had not yet completed a full calendar year of operations as of the date of this Prospectus, performance information for the Fund is not included. Because the Fund had not yet completed a full calendar year of operations as of the date of this Prospectus, performance information for the Fund is not included. Investment objective Capital appreciation and current income. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0055 0.00455 0.0055 0.0055 0.0006 0.0006 0.0006 0.0018 0.0061 0.0052 0.0061 0.0073 -0.0003 -0.0003 -0.0003 -0.0003 0.0058 0.0049 0.0058 0.0070 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 59 192 337 759 50 164 288 650 59 192 337 759 72 230 403 904 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 275% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 277% of the average value of its portfolio securities. 2.75 Principal investment strategies The Fund invests primarily in securitized credit securities. Securitized credit securities include, but are not limited to, commercial and residential (non-agency and agency) mortgage-backed securities, small balance commercial mortgages, collateralized loan obligations, collateralized debt obligations, and securities backed by pools of receivables in various industries. The interest rates for these securities may be fixed or variable. The Fund also may invest in other fixed-income instruments, including, without limitation, bonds and other similar instruments issued or guaranteed by the U.S. government and its agencies and instrumentalities, by non-U.S. governments and their agencies and instrumentalities and by private sector entities.The Fund also may invest in the following: interest-only, principal-only, or inverse floating rate debt; mortgage dollar rolls; securities on a when-issued, delayed delivery or forward commitment basis through the “to-be-announced” market; mortgage loans; securities of any maturity or duration with fixed, floating, or variable rates; equity and debt securities issued by real estate investment trusts; debt securities issued by business development companies; corporate debt securities of any quality and maturity, including high-yield securities (commonly referred to as “junk bonds”); and securities that are not rated by any rating agency.GMO utilizes both a top-down and bottom-up security selection approach. GMO allocates Fund assets among various asset classes within the structured fixed income market based on its views regarding the best value relative to what is currently available in the market. In managing the Fund’s portfolio, GMO typically analyzes a variety of factors including, among others, maturity, yield and ratings information, opportunities for price appreciation, collateral quality, credit support, structure, and market conditions. GMO attempts to diversify risks that arise from position sizes, sectors and geographies, ratings, duration, deal structure and collateral values and seeks to further limit risk of principal loss by causing the Fund to invest in securities or other instruments that it considers undervalued. To a lesser extent, GMO may use quantitative models to capitalize on price momentum across fixed income sectors. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark.From time to time, the Fund may have some direct or indirect exposure to equities. The Fund may invest in securities of companies of any market capitalization, as well as in securities of any maturity, duration, or credit quality.The Fund also may invest in exchange-traded funds (ETFs) and exchange-traded and over-the-counter (OTC) derivatives, including swap contracts (such as credit default swaps, swaps on securities and securities indices, total return swaps and interest rate swaps), futures contracts, forward currency contracts, currency and interest rate options, swaptions (including credit default swaptions), reverse repurchase agreements, and repurchase agreements. In addition, the Fund may lend its portfolio securities. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices.In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. The Fund may, but is not required to, hedge part or all of its net foreign currency exposure into U.S. dollars. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated, such as the Fund’s investments in non-U.S. government bonds and asset-backed securities secured by different types of consumer debt (e.g., credit-card receivables, automobile loans, and home equity loans), are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Bloomberg U.S. Securitized Index and an additional comparative index intended solely to represent, in satisfaction of regulatory requirements, the overall fixed income market. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Bloomberg U.S. Securitized Index and an additional comparative index intended solely to represent, in satisfaction of regulatory requirements, the overall fixed income market. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares1 Years Ending December 31 Highest Quarter:4.55%2Q 2020Lowest Quarter:-4.05%1Q 2020Year-to-Date:2.11%As of3/31/2025 Highest Quarter: 0.0455 Lowest Quarter: -0.0405 Year-to-Date: 0.0211 2025-03-31 Average Annual Total Returns1,2 Periods Ending December 31, 2024 2022-02-01 0.0597 0.0361 0.0146 -0.0150 0.0125 -0.0173 2011-10-03 0.0611 0.0340 0.0380 0.0450 0.0386 0.0154 0.0215 0.0292 0.0359 0.0181 0.0221 0.0286 0.0146 -0.0059 0.0100 0.0138 0.0125 -0.0033 0.0135 0.0167 2021-05-19 0.0596 0.0317 0.0146 -0.0167 0.0125 -0.0161 2019-11-05 0.0583 0.0319 0.0310 0.0146 -0.0059 -0.0046 0.0125 -0.0033 -0.0019 Investment objective Positive total return. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0095 0.0088 0.00835 0.00815 0.00785 0.0095 0.0095 0.0149 0.0149 0.0149 0.0149 0.0190 0.0149 0.0163 0.0116 0.0116 0.0116 0.0116 0.0166 0.0116 0.0114 0.0033 0.0033 0.0033 0.0033 0.0024 0.0033 0.0049 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0245 0.0238 0.0234 0.0232 0.0270 0.0245 0.0259 -0.0029 -0.0029 -0.0029 -0.0029 -0.0020 -0.0029 -0.0030 0.0216 0.0209 0.0205 0.0203 0.0250 0.0216 0.0229 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 219 736 1279 2764 212 715 1244 2694 208 703 1224 2654 206 697 1214 2634 253 819 1412 3017 219 736 1279 2764 232 777 1349 2902 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (including the accounts of the Fund’s wholly-owned subsidiary, GMO Alternative Allocation SPC Ltd., and excluding short-term investments) was 1119% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025 (including the accounts of GMO Alternative Allocation SPC Ltd., and excluding transactions in U.S. Treasury Fund and other short-term investments) was 1129% of the average value of its portfolio securities. 11.19 Principal investment strategies The Fund seeks annualized returns of 4% (net of fees) above cash (FTSE 3-Month Treasury Bill Index) over a complete market cycle by obtaining long and/or short exposures to a variety of investment styles (“Styles”) across the following asset groups: stocks, equity indices, bonds, interest rates, currencies and commodities (“Asset Groups”). The Fund’s long and short exposures to Styles and Asset Groups depend on GMO’s evaluation of investment opportunities. The Fund will pursue exposure to Styles and Asset Groups through a variety of underlying strategies. The Styles typically employed by the Fund are:Value: Value strategies seek to identify opportunities to buy assets that appear inexpensive and sell assets that appear expensive based on fundamental measures related to price, seeking to capture the tendency for relatively inexpensive assets to outperform relatively expensive assets. The Fund will seek to buy assets that GMO believes are relatively inexpensive and sell those that GMO believes are relatively expensive. Examples of value strategies include using price-to-earnings and price-to-book ratios for selecting stocks.Quality: Quality strategies favor investments that exhibit relatively higher quality characteristics. GMO believes a high quality company generally to be a company that has an established business that will deliver a high level of return on past investments and that will use cash flows to make investments with the potential for a high return on capital or to return cash to shareholders through dividends or share buybacks. An example of a quality strategy is seeking long exposure to high quality companies and/or short exposure to low quality companies that GMO believes to be of low quality.Carry: “Carry” is typically defined as the return of an asset assuming that market conditions or valuations stay the same. Carry strategies favor investments with higher yields over those with lower yields, seeking to capture the tendency for higher-yielding assets to provide higher returns than lower-yielding assets. An example of carry measures includes selecting currencies and bonds based on interest rates.Momentum: Momentum strategies favor investments that have performed relatively well over those that have underperformed over the medium-term (i.e., one year or less), seeking to capture the tendency that an asset’s recent relative performance will continue in the near future. Examples of momentum measures include simple price momentum for selecting stocks and price- and yield-based momentum for selecting bonds.Volatility: Volatility is a statistical measurement of the dispersion of returns of an asset, as measured by the annualized standard deviation of its returns. Historically, the average implied volatility of index options has exceeded the realized volatility of the underlying index. This difference represents the volatility premium, or market participants’ willingness to pay for protection against losses when volatility suddenly increases. An example of a volatility strategy is selling or writing put options (hedged or unhedged) on various equity and credit indices.Trend: Trend strategies seek to capture the historical tendency of an asset’s recent (relative or absolute) performance to continue into the future. The Fund may have both long and short positions in different assets depending on their respective price and/or economic trends. An example of a trend measure is using short-term prices (e.g., prices over a one- to three-month period) to select an equity index.Event-Driven: Event-driven strategies seek to benefit from movements in equity prices in connection with material corporate events, such as merger and acquisition transactions, corporate restructurings, and other transaction types and regulatory events. Where GMO believes a material corporate event is likely to occur (or not occur), the Fund may take long and/or short positions in equities of companies that are the subjects of such corporate events.The Fund’s Styles may change over time and the allocation of Fund exposures to and among the Styles and Asset Groups will also change over time. GMO does not expect the Fund’s performance to be highly correlated with that of traditional equity market indices. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark, and GMO does not expect the Fund’s performance to be highly correlated with that of traditional equity or fixed income market indices. The Fund typically has gross investment exposure in excess of its net assets (i.e., the Fund typically is leveraged) and therefore is subject to higher risk of loss than if the Fund were not leveraged. GMO does not seek to achieve a particular volatility level or range for the Fund but expects the Fund’s typical volatility to be between 4% and 12%. The Fund at times may have substantial exposure to a single Style, asset class, sector, country, region, issuer, or currency and companies with similar market capitalizations. The Fund is not restricted in its exposure to any particular Style, Asset Group or market and may invest in securities of companies of any market capitalization.In seeking to achieve its investment objective, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives, which may include options, futures, forward currency contracts, and swap contracts. The Fund may lend its portfolio securities.The Fund gains exposure to commodities and some other asset classes by investing through a wholly-owned subsidiary advised by GMO, which does not receive any management or other fees for its services to the subsidiary. The subsidiary invests primarily in commodity-related derivatives (such as over-the-counter swaps on commodity indices) and fixed income investments but also may invest in any other investment in which the Fund is permitted to invest directly. References in this Prospectus to actions taken by the Fund refer to actions taken by the subsidiary as well as the Fund. The Fund does not invest directly in commodities and commodity-related derivatives (such as swaps on commodity indices).The Fund also may invest in money market funds unaffiliated with GMO and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results, including the annualized returns and volatility the Fund is seeking to achieve. Even if the Fund achieves those returns or that volatility over a market cycle, it may experience shorter periods of significantly lower returns or higher volatility, or both. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares.When the Fund writes put options on a stock index, the value of those options will decline when the value of that index declines. The value of an index depends on the value of the equity securities in the index. Also, the Fund’s investment strategy of writing put options on stock indices can be expected to cause that strategy to underperform relative to those indices when the value of those indices rises sharply. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Event-Driven Risk – If the Fund purchases securities in anticipation of a proposed merger, acquisition, exchange offer, tender offer, or other similar transaction and that transaction later appears likely to be delayed or unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund may decline sharply, resulting in losses to the Fund. The risk/reward payout of event-driven strategies (such as merger arbitrage) typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Event-driven strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in its wholly-owned subsidiary and the underlying funds in which it invests, including the risk that its wholly-owned subsidiary and those underlying funds will not perform as expected. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the FTSE 3-Month Treasury Bill Index and a broad-based securities market index. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the FTSE 3-Month Treasury Bill Index and a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares1 Years Ending December 31 Highest Quarter:4.76%4Q 2022Lowest Quarter:-6.99%1Q 2020Year-to-Date:5.13%As of3/31/2025 Highest Quarter: 0.0476 Lowest Quarter: -0.0699 Year-to-Date: 0.0513 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 2019-05-01 -0.0256 0.0026 0.0071 -0.0355 -0.0077 -0.0038 -0.0121 -0.0010 0.0021 0.0545 0.0254 0.0249 0.0125 -0.0033 0.0067 2020-07-31 -0.0270 0.0111 0.0545 0.0276 0.0125 -0.0203 2019-09-04 -0.0282 0.0000 0.0033 0.0545 0.0254 0.0250 0.0125 -0.0033 -0.0042 Investment objective Total return in excess of that of its benchmark, the FTSE 3-Month Treasury Bill Index. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0040 0.00305 0.0039 0.0039 0.0001 0.0001 0.0080 0.0071 -0.0032 -0.0032 0.0048 0.0039 June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 49 223 413 960 40 195 363 852 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 84% of the average value of its portfolio securities. 0.84 Principal investment strategies The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for GMO Global Asset Allocation Fund and other funds and accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment.The Fund invests in a portfolio of fixed income instruments of varying maturities, which may be represented by bonds, forward contracts or derivatives such as options, futures contracts, or swap agreements. GMO uses a variety of fundamental and quantitative processes to manage the Fund. GMO evaluates the relative attractiveness of particular markets and instruments using various fixed income risk premium measures, which typically include, among others, term structure, foreign exchange, volatility, credit, and liquidity.Under normal circumstances, the Fund invests directly and indirectly (e.g., through other GMO Funds or derivatives) at least 80% of its assets in bonds (see “Name Policies”). The term “bond” includes (i) obligations of an issuer to make payments on future dates of principal, interest (whether fixed or variable) or both and (ii) synthetic debt instruments created by GMO by investing in derivatives (e.g., a futures contract, swap contract, forward currency contract, or option). The Fund may invest in bonds of any maturity, duration, and credit quality.The Fund may invest in any sector of the bond market and is not required to maintain a minimum or maximum allocation of investments in any one sector. The sectors, types of bonds and other investments to which the Fund may obtain exposure include, but are not limited to:●inflation-indexed bonds issued by the U.S. government (including Inflation-Protected Securities) and non-U.S. governments and their respective agencies or instrumentalities (whether or not guaranteed or insured by those governments) and inflation-indexed bonds issued by corporations;●investment grade bonds denominated in various currencies, including bonds issued by the U.S. and non-U.S. governments and their respective agencies or instrumentalities (whether or not guaranteed or insured by those governments), corporations and municipalities (taxable and tax-exempt);●below investment grade bonds (commonly referred to as “high yield” or “junk bonds”);●emerging country sovereign and quasi-sovereign debt;●asset-backed securities, including mortgage related and mortgage-backed securities;●exchange-traded funds (ETFs) as an alternative to direct investments in bonds;●other pooled investment vehicles, including vehicles managed by GMO and vehicles unaffiliated with GMO; and●commodities.From time to time, the Fund may have some direct or indirect exposure to equities. The Fund may invest in securities of companies of any market capitalization.The Fund also may invest in exchange-traded and over-the-counter (OTC) derivatives, including futures contracts, currency options, forward currency contracts, repurchase agreements and reverse repurchase agreements, swap contracts (such as credit default swaps, swaps on securities and securities indices, total return swaps, interest rate swaps, currency swaps, cross currency basis swaps, commodity swaps, inflation swaps, municipal swaps, and other types of swaps), interest rate options, and other types of derivatives. In addition, the Fund may lend its portfolio securities. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. The Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices.The Fund may gain exposure to the investments described above by investing in shares of other GMO Funds, including U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds.The Fund may invest up to 100% of its assets in below investment grade bonds.GMO does not seek to maintain a specified interest rate duration for the Fund, and the Fund’s interest rate duration will change depending on the Fund’s investments and GMO’s assessment of different sectors of the bond market. The Fund’s interest rate duration may be positive or negative. The Fund’s performance may differ significantly from that of its benchmark.In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark and a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark and a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). After-tax returns are shown for Class VI shares only; after-tax returns for other classes will vary. www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 Highest Quarter:16.28%4Q 2023Lowest Quarter:-12.94%4Q 2024Year-to-Date:6.58%As of3/31/2025 Highest Quarter: 0.1628 Lowest Quarter: -0.1294 Year-to-Date: 0.0658 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2009-03-18 -0.1173 -0.0169 -0.0038 0.0130 -0.1348 -0.0278 -0.0166 -0.0006 -0.0693 -0.0168 -0.0079 0.0050 0.0545 0.0254 0.0179 0.0116 0.0125 -0.0033 0.0135 0.0263 Investment objective Positive total return. Fees and expenses The table below describes the fees and expenses that you may bear if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0052 0.0041 0.0011 0.0011 0.0063 -0.0007 0.0056 June 30, 2026 Example This example is intended to help you compare the cost 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 indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amount shown reflects the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 57 195 344 780 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 126% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 111% of the average value of its portfolio securities. 1.26 Principal investment strategies The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for the other accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment.The Fund invests its assets in direct investments, shares of other series of GMO Trust whether now existing or created in the future, including the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative Funds, and shares of GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets in asset classes GMO believes offer the most attractive risk-adjusted returns. GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time.GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. The Fund is permitted to invest in any asset class (e.g., U.S., non-U.S., and emerging market equity; U.S., non-U.S., and emerging market debt (including asset-backed securities and municipal bonds); and commodities), strategy (e.g., long/short and event-driven strategies), sector, country, or region, and at times may have substantial exposure to a single asset class, sector, country, region, issuer, or currency and companies with similar market capitalizations. In addition, the Fund is not restricted in its exposure to any particular market and may invest in securities of companies of any market capitalization and, in the case of debt instruments, of any credit quality (including below investment grade securities, commonly referred to as “high yield” or “junk bonds”), maturity and duration. GMO’s ability to shift investments among asset classes is not subject to any limits.The Fund typically has substantial exposure to derivatives and short-sales. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative exposure, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged.In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents. In addition, the Fund may lend its portfolio securities.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares.When the Fund writes put options on a stock index, the value of those options will decline when the value of that index declines. The value of an index depends on the value of the equity securities in the index. Also, the Fund’s investment strategy of writing put options on stock indices can be expected to cause that strategy to underperform relative to those indices when the value of those indices rises sharply. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. The fees and expenses associated with an investment in the Fund are less predictable than those associated with an investment in funds that charge a fixed management fee. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Consumer Price Index, the Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, and two broad-based securities market indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Consumer Price Index, the Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, and two broad-based securities market indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:9.40%2Q 2020Lowest Quarter:-18.29%1Q 2020Year-to-Date:5.44%As of3/31/2025 Highest Quarter: 0.0940 Lowest Quarter: -0.1829 Year-to-Date: 0.0544 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 2011-06-15 0.0463 0.0328 0.0402 0.0492 0.0263 0.0167 0.0254 0.0327 0.0318 0.0203 0.0264 0.0339 0.0286 0.0421 0.0301 0.0259 0.0309 0.0269 0.0253 0.0210 0.0125 -0.0033 0.0135 0.0190 0.1867 0.1116 0.0995 0.1014 Investment objective Positive total return, not relative return. Fees and expenses The table below describes the fees and expenses that you may bear if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0047 0.0038 0.0009 0.0047 -0.0006 0.0041 June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 42 145 257 586 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 133% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025 (excluding transactions in U.S. Treasury Fund and other short-term investments) was 129% of the average value of its portfolio securities. 1.33 Principal investment strategies The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for GMO Benchmark-Free Allocation Fund and other accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment.GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets in asset classes GMO believes offer the most attractive risk-adjusted returns. GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time.GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. The Fund is permitted to invest in any asset class (e.g., U.S., non-U.S., and emerging market equity; U.S., non-U.S., and emerging market debt (including asset-backed securities and municipal bonds); real estate; and commodities), strategy (e.g., long/short and event-driven strategies), sector, country, or region, and at times may have substantial exposure to a single asset class, sector, country, region, issuer, or currency and companies with similar market capitalizations. In addition, the Fund is not restricted in its exposure to any particular market and may invest in securities of companies of any market capitalization and, in the case of debt instruments, of any credit quality (including below investment grade securities, commonly referred to as “high yield” or “junk bonds”), maturity and duration. The Fund also may make extensive use of short sales. GMO’s ability to shift investments among asset classes is not subject to any limits.As an alternative to investing directly in securities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives (e.g., selling put options on securities) and exchange-traded funds (ETFs). The Fund also may invest in derivatives and ETFs in an attempt to obtain or adjust elements of its long or short investment exposure. Derivatives used may include options, futures, swap contracts, and reverse repurchase agreements. The Fund’s foreign currency exposure may differ from the currency exposure of its securities. The Fund may lend its portfolio securities.The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged. In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents.The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares.When the Fund writes put options on a stock index, the value of those options will decline when the value of that index declines. The value of an index depends on the value of the equity securities in the index. Also, the Fund’s investment strategy of writing put options on stock indices can be expected to cause that strategy to underperform relative to those indices when the value of those indices rises sharply. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Event-Driven Risk – If the Fund purchases securities in anticipation of a proposed merger, acquisition, exchange offer, tender offer, or other similar transaction and that transaction later appears likely to be delayed or unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund may decline sharply, resulting in losses to the Fund. The risk/reward payout of event-driven strategies (such as merger arbitrage) typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Event-driven strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. The fees and expenses associated with an investment in the Fund are less predictable than those associated with an investment in funds that charge a fixed management fee. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Consumer Price Index, the Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, and two broad-based securities market indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Consumer Price Index, the Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, and two broad-based securities market indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns1 Years Ending December 31 Highest Quarter:8.44%4Q 2022Lowest Quarter:-18.10%1Q 2020Year-to-Date:5.02%As of3/31/2025 Highest Quarter: 0.0844 Lowest Quarter: -0.1810 Year-to-Date: 0.0502 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 2012-03-01 0.0501 0.0281 0.0330 0.0465 0.0347 0.0168 0.0232 0.0387 0.0376 0.0195 0.0234 0.0354 0.0286 0.0421 0.0301 0.0260 0.0309 0.0269 0.0253 0.0184 0.0125 -0.0033 0.0135 0.0162 0.1867 0.1116 0.0995 0.1048 Investment objective Total return and capital preservation. Fees and expenses The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses1 (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0073 0.0073 -0.0071 0.0002 The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. June 30, 2026 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 2 162 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the fiscal year ended February 28, 2025, the Fund has no reportable portfolio turnover rate. Principal investment strategies The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for GMO Multi-Asset Credit Fund and other funds and accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment. The Fund invests in a portfolio of fixed income instruments of varying maturities, which may be represented by bonds, forward contracts or derivatives such as options, futures contracts, or swap agreements. GMO uses a variety of fundamental and quantitative processes to manage the Fund. GMO evaluates the relative attractiveness of particular fixed income markets and instruments using various fixed income risk premium measures. The Fund may invest in bonds of any maturity, duration, and credit quality. The Fund may invest in any sector of the bond market and is not required to maintain a minimum or maximum allocation of investments in any one sector. The sectors, types of bonds and other investments to which the Fund may obtain exposure include, but are not limited to: ●inflation-indexed bonds issued by the U.S. government (including Inflation-Protected Securities) and non-U.S. governments and their respective agencies or instrumentalities (whether or not guaranteed or insured by those governments) and inflation-indexed bonds issued by corporations; ●investment grade bonds denominated in various currencies, including bonds issued by the U.S. and non-U.S. governments and their respective agencies or instrumentalities (whether or not guaranteed or insured by those governments), corporations and municipalities (taxable and tax-exempt); ●leveraged loans;●below investment grade bonds (commonly referred to as “high yield” or “junk bonds”); ●emerging country sovereign and quasi-sovereign debt; and ●asset-backed securities, including mortgage related and mortgage-backed securities. The Fund also may invest in exchange-traded funds (ETFs) and exchange-traded and over-the-counter (OTC) derivatives, including futures contracts, currency options, forward currency contracts, repurchase agreements and reverse repurchase agreements, swap contracts (such as credit default swaps, swaps on securities and securities indices, total return swaps, interest rate swaps, currency swaps, cross currency basis swaps, commodity swaps, inflation swaps, municipal swaps, and other types of swaps), interest rate options, and other types of derivatives. In addition, the Fund may lend its portfolio securities. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. Leverage is not a primary component of the investment strategy. However, because of its derivative positions, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not own those assets or indices. GMO does not seek to maintain a specified interest rate duration for the Fund, and the Fund’s interest rate duration will change depending on the Fund’s investments and GMO’s assessment of different sectors of the bond market. The Fund’s interest rate duration may be positive or negative. The Fund may invest in securities of companies of any market capitalization. In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents. The Fund may also invest in GMO U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). In addition, the market prices of emerging country sovereign and quasi-sovereign debt investments can decline due to uncertainty about their credit quality and the reliability of their payment streams. ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. Performance Because the Fund had not yet completed a full calendar year of operations as of the date of this Prospectus, performance information for the Fund is not included. Because the Fund had not yet completed a full calendar year of operations as of the date of this Prospectus, performance information for the Fund is not included. Investment objective Total return greater than that of its benchmark, the GMO Strategic Opportunities Allocation Index, an internally maintained composite index computed by GMO, consisting of 75% MSCI World Index (MSCI Standard Index Series) and 25% Bloomberg U.S. Aggregate Index. Fees and expenses The table below describes the fees and expenses that you may bear if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0000 0.0045 0.0035 0.0010 0.0049 0.0094 -0.0010 0.0084 June 30, 2026 Example This example is intended to help you compare the cost 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 indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amount shown reflects the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 86 290 510 1146 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 83% of the average value of its portfolio securities. That portfolio turnover rate includes investments in U.S. Treasury Fund, which the Fund uses as a short-term investment vehicle for cash management. The Fund’s portfolio turnover rate during its fiscal year ended February 28, 2025, excluding transactions in U.S. Treasury Fund and other short-term investments, was 78% of the average value of its portfolio securities. 0.83 Principal investment strategies The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for other accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment.The Fund invests in direct investments, shares of other series of GMO Trust whether now existing or created in the future, including the Equity Funds, the Fixed Income Funds, the Implementation Funds and the Alternative Funds, and shares of GMO-managed exchange-traded funds (collectively, the “underlying GMO Funds”) (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund’s asset class exposures in response to changes in GMO’s investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Fund’s investments. The factors GMO considers and investment methods GMO uses can change over time.The Fund is permitted to invest in any asset class (e.g., U.S., non-U.S., and emerging market equity; U.S., non-U.S., and emerging market debt (including asset-backed securities and municipal bonds); and commodities), strategy (e.g., long/short and event-driven strategies), sector, country, or region and at times may have substantial exposure to a single asset class, sector, country, region, issuer, or currency and companies with similar market capitalizations. In addition, the Fund is not restricted in its exposure to any particular market and may invest in securities of companies of any market capitalization and, in the case of debt instruments, of any credit quality (including below investment grade securities, commonly referred to as “high yield” or “junk bonds”), maturity and duration. The Fund typically has substantial exposure to derivatives and short-sales. Leverage is not a principal component of the Fund’s investment strategy. However, because of its derivative exposure, the Fund may at times have gross investment exposure in excess of its net assets (i.e., the Fund may be leveraged) and, therefore, may be subject to higher risk of loss during those times than if the Fund were not leveraged.In seeking to achieve the Fund’s investment objective, GMO may invest a significant portion of the Fund’s net assets in cash and cash equivalents. In addition, the Fund may lend its portfolio securities.The Fund also may invest in money market funds unaffiliated with GMO and directly in the types of investments typically held by money market funds. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements. In addition, GMO’s models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their predictive value. The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Market Risk – Equities – The market price of an equity in the Fund’s portfolio may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example, if GMO’s assessment proves to be incorrect or the market fails to recognize the equity’s intrinsic value). The Fund also may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares.When the Fund writes put options on a stock index, the value of those options will decline when the value of that index declines. The value of an index depends on the value of the equity securities in the index. Also, the Fund’s investment strategy of writing put options on stock indices can be expected to cause that strategy to underperform relative to those indices when the value of those indices rises sharply. ●Non-U.S. Investment Risk – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the United States, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. Also, the Fund needs a license to invest directly in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended. In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. The risks above (such as substantial price fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed countries. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Derivatives and Short Sales Risk – The use of derivatives involves the risk that their value may not change as expected relative to changes in the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset value of the Fund’s shares will be adversely affected if the securities or other assets that are the subject of the Fund’s short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short sales of securities is theoretically unlimited. ●Futures Contracts Risk – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile, and the use of futures contracts increases the volatility of the Fund’s net asset value. A liquid market may not exist for any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices of the Fund’s investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts are often less liquid and more volatile than U.S. futures contracts. ●Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer) or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation of such a failure. Below investment grade investments (commonly referred to as high yield or “junk” bonds) have speculative characteristics and are subject to greater credit risk than other fixed income investments. Negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of below investment grade investments to make principal and interest payments than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign.Investments in distressed or defaulted or other low quality debt investments generally are considered speculative and are subject to substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to their issuers’ payment defaults and insolvency proceedings. In particular, distressed or defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings during which the issuer might not make any interest or other payments, and the Fund may incur additional expenses in its effort to be repaid. If GMO’s assessment of the eventual recovery value of a distressed or defaulted debt investment proves incorrect, the Fund may lose a substantial portion or all of its original investment or may be required to accept cash or instruments worth less than its original investment. ●Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. ●Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including the risk that those underlying funds will not perform as expected. The fees and expenses associated with an investment in the Fund are less predictable than those associated with an investment in funds that charge a fixed management fee. ●Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate significantly. ●Event-Driven Risk – If the Fund purchases securities in anticipation of a proposed merger, acquisition, exchange offer, tender offer, or other similar transaction and that transaction later appears likely to be delayed or unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund may decline sharply, resulting in losses to the Fund. The risk/reward payout of event-driven strategies (such as merger arbitrage) typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Event-driven strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. ●Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable prices at a particular time or at all. ●Leveraging Risk – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund’s losses when the value of its investments (including derivatives) declines. In addition, the Fund’s portfolio will be leveraged if it exercises its right to delay payment on a redemption and the value of the Fund’s assets declines between the time a redemption request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. ●Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments, can decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions, or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities whose underlying assets consist of loans, sales contracts, receivables and other obligations. ●Focused Investment Risk – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments that are more diversified or whose market prices are not as closely correlated. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Value Investing Risk – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by the market as being undervalued and/or may be appropriately priced notwithstanding GMO’s assessment. These and other factors may cause the price of value stocks to decline, resulting in losses to the Fund. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund’s benchmark (a composite index computed by GMO) and two broad-based securities market indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund’s benchmark (a composite index computed by GMO) and two broad-based securities market indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 Highest Quarter:13.34%2Q 2020Lowest Quarter:-20.14%1Q 2020Year-to-Date:3.46%As of3/31/2025 Highest Quarter: 0.1334 Lowest Quarter: -0.2014 Year-to-Date: 0.0346 2025-03-31 Average Annual Total Returns1 Periods Ending December 31, 2024 2005-05-31 0.0550 0.0531 0.0545 0.0655 0.0368 0.0245 0.0325 0.0457 0.0386 0.0340 0.0373 0.0480 0.1412 0.0841 0.0793 0.0713 0.0125 -0.0033 0.0135 0.0298 0.1867 0.1116 0.0995 0.0823 Investment objective Liquidity and safety of principal with current income as a secondary objective. Fees and expenses The table below describes the fees and expenses that you may bear if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) 0.0008 0.0008 0.0008 0.0005 0.0005 0.0017 0.0013 0.0013 0.0025 -0.0004 -0.0004 -0.0004 0.0009 0.0009 0.0021 June 30, 2026June 30, 2026 Example This example is intended to help you compare the cost 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 indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amount shown reflects the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 9 38 69 162 9 38 69 162 22 76 137 314 Portfolio turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities. A higher portfolio turnover rate may result in higher transaction costs and, for holders of Fund shares subject to U.S. taxes, higher income taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. During its fiscal year ended February 28, 2025, the Fund’s portfolio turnover rate (excluding short-term investments) was 0% of the average value of its portfolio securities. 0 Principal investment strategies Under normal circumstances, the Fund invests at least 80% of its assets in Direct U.S. Treasury Obligations and repurchase agreements collateralized by these Obligations (see “Name Policies”). “Direct U.S. Treasury Obligations” include U.S. Treasury bills, bonds and notes and other securities issued by the U.S. Treasury, as well as Separately Traded Registered Interest and Principal Securities (STRIPS) and other zero-coupon securities. GMO normally seeks to maintain an estimated interest rate duration of one year or less for the Fund’s portfolio. For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.”The Fund ordinarily enters into repurchase agreements and reverse repurchase agreements. Under the repurchase agreements entered into by the Fund, the Fund purchases a security backed by the full faith and credit of the U.S. government from a seller who simultaneously commits to repurchase, on an agreed date, the security from the Fund at the original purchase price plus an agreed upon amount representing interest. Under reverse repurchase agreements, the Fund sells a security backed by the full faith and credit of the U.S. government to a buyer and simultaneously commits to repurchase, on an agreed date, the security from the buyer at the original purchase price plus an agreed upon amount representing interest. In selecting securities for the Fund’s portfolio, GMO focuses primarily on the relative attractiveness of different obligations (such as bonds, notes or bills), which can vary depending on the general level of interest rates as well as supply and demand imbalances and other market conditions. The factors GMO considers and investment methods GMO uses can change over time.In addition to Direct U.S. Treasury Obligations, the Fund may invest to a lesser extent in money market funds unaffiliated with GMO and in other fixed income securities that are backed (explicitly or implicitly) by the full faith and credit of the U.S. government or the governments of other developed countries, including but not limited to U.S. and non-U.S. agency securities and securities issued by the Federal Home Loan Bank and the World Bank.The Fund is not a money market fund and is not subject to the maturity, quality, diversification, disclosure, reporting, and other requirements applicable to money market funds under Rule 2a-7 under the Investment Company Act of 1940. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. ●Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of a fixed income investment (or class of fixed income investments). ●Credit Risk – Securities issued by the U.S. Treasury historically have presented minimal credit risk. However, events in 2011 led to a downgrade in the long-term credit rating of U.S. bonds by several major rating agencies and introduced greater uncertainty about the repayment by the United States of its obligations. A further credit rating downgrade could decrease, and a U.S. credit default would decrease, the value of the Fund’s investments and increase the volatility of the Fund’s portfolio. ●Large Transactions Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor or another GMO Fund) or a group of shareholders with a common investment strategy (e.g., GMO asset allocation accounts), the Fund is subject to the risk that a redemption by (or caused by) that shareholder or group will require the Fund to sell investments at disadvantageous prices, disrupt the Fund’s operations, lead to temporary overexposure to the Fund’s intended investment program or force the Fund’s liquidation. The Fund also may be subject to these effects when a number of shareholders collectively redeem or sell a large amount of Fund shares. ●Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results.The Fund also runs the risk that GMO’s assessment of an investment, including a security’s fundamental fair (or intrinsic) value, is wrong or that deficiencies in GMO’s or another service provider’s internal systems or controls will cause losses for the Fund or impair Fund operations. ●Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence) often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value of the Fund’s investments. ●Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared derivatives contract is unable or unwilling to make timely settlement payments, return the Fund’s collateral or otherwise honor its obligations. Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark and a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall domestic fixed income market. Share classes not shown would have substantially similar annual returns to those below because all share classes invest in the same portfolio of securities. Annual returns vary among share classes to the extent that they bear different expenses. Share classes that bear higher expenses than the share classes shown below would have lower returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods indicated and by comparing the Fund’s average annual total returns for different calendar periods with those of the Fund's benchmark and a broad-based securities market index intended solely to represent, in satisfaction of regulatory requirements, the overall domestic fixed income market. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-advantaged arrangements (such as a 401(k) plan or individual retirement account). www.gmo.com Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 Highest Quarter:1.49%2Q 2023Lowest Quarter:-0.31%1Q 2022Year-to-Date:1.24%As of3/31/2025 Highest Quarter: 0.0149 Lowest Quarter: -0.0031 Year-to-Date: 0.0124 2025-03-31 Average Annual Total Returns Periods Ending December 31, 2024 2009-03-17 0.0517 0.0254 0.0183 0.0120 0.0303 0.0150 0.0107 0.0071 0.0303 0.0150 0.0107 0.0071 0.0545 0.0254 0.0179 0.0116 0.0125 -0.0033 0.0135 0.0271 1The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. 2 Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to reimburse the Fund for the the following expenses: audit expenses, fund accounting and administration expenses, pricing service expenses, expenses of non-investment related tax services, transfer agency expenses, expenses of non-investment related legal services provided to the Fund by or at the direction of GMO, organizational and start-up expenses, federal securities law filing expenses, printing expenses, state and federal registration fees, and custody expenses. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes both management fee and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” Includes estimate of payments for sub-transfer agency, recordkeeping and other administrative services for Class I's initial fiscal year. Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders exceed 0.15% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Amount shown excludes extraordinary, non-recurring underlying fund expense incurred during the fiscal year ended February 28, 2025. Had the extraordinary expense been reflected, "Acquired fund fees and expenses" would have been higher by 0.33%. GMO has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting and administration expenses, pricing service expenses, expenses of non-investment related tax services, transfer agency expenses (excluding, in the case of Class I shares, any amounts paid for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders), expenses of non-investment related legal services provided to the Fund by or at the direction of GMO, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Includes both management fee of 0.35% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to waive or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees paid to GMO that are directly or indirectly borne by the Fund or a class of shares of the Fund as a result of the Fund’s direct or indirect investments in other series of GMO Trust and GMO-managed ETFs (“GMO Funds”). Management fees and shareholder service fees will not be waived below zero. This waiver will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. The amount includes interest expense incurred by the Fund as a result of entering into reverse repurchase agreements and/or margin on cleared swap contracts, if any. Effective March 1, 2020, the Fund’s benchmark is the J.P. Morgan EMBI Global Diversified. In order to present a performance comparison that tracks changes in the Fund’s benchmark over time, the J.P. Morgan EMBI Global Diversified + (Composite index) is shown in the table above and reflects the performance of (i) the J.P. Morgan EMBI through 8/31/1995, (ii) the J.P. Morgan EMBI + through 12/31/1999, (iii) the J.P. Morgan EMBI Global through 2/29/2020 and (iv) the J.P. Morgan EMBI Global Diversified thereafter. Includes both management fee of 0.33% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to waive its fees with respect to and/or reimburse the Fund to the extent that the Fund’s total annual fund operating expenses (after applying all other contractual and voluntary expense limitation arrangements in effect at the time) exceed the following amounts for each class of shares, in each case representing the average daily net assets for the indicated class of shares: 0.50% for Class III shares; 0.455% for Class IV shares; 0.435% for Class V shares; 0.405% for Class VI shares; 0.50% for Class R6 shares; and 0.50% for Class I shares (each, an “Expense Cap”). Fees and expenses of the “non-interested” Trustees and legal counsel to the “non-interested” Trustees, investment-related costs (such as brokerage commissions, interest, and acquired fund fees and expenses), payments out of assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries, borrowing and borrowing-related costs (such as expenses incurred in establishing and maintaining a credit facility), taxes, litigation and indemnification expenses, judgments, and other extraordinary or non-recurring expenses not incurred in the ordinary course of the Fund’s business, are excluded from the Expense Cap. GMO also has contractually agreed to waive or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees paid to GMO that are directly or indirectly borne by the Fund or a class of shares of the Fund as a result of the Fund’s direct or indirect investments in other series of GMO Trust and GMO-managed ETFs (“GMO Funds”). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes payments for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders exceed 0.15% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes both management fee of 0.31% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to reimburse the Fund for the portion of its “Specified Operating Expenses” (as defined below) that exceeds 0.02% of the Fund’s average daily net assets. “Specified Operating Expenses” means only the following expenses: audit expenses, fund accounting and administration expenses, pricing service expenses, expenses of non-investment related tax services, transfer agency expenses (excluding, in the case of Class I shares, any amounts paid for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders), expenses of non-investment related legal services provided to the Fund by or at the direction of GMO, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. GMO also has contractually agreed to waive or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees paid to GMO that are directly or indirectly borne by the Fund or a class of shares of the Fund as a result of the Fund’s direct or indirect investments in other series of GMO Trust and GMO-managed ETFs (“GMO Funds”). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes payments for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders exceed 0.15% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Includes both management fee of 0.40% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to reimburse the Fund for the portion of its “Specified Operating Expenses” (as defined below) that exceeds 0.02% of the Fund’s average daily net assets. “Specified Operating Expenses” means only the following expenses: audit expenses, fund accounting and administration expenses, pricing service expenses, expenses of non-investment related tax services, transfer agency expenses (excluding, in the case of Class I shares, any amounts paid for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders), expenses of non-investment related legal services provided to the Fund by or at the direction of GMO, federal securities law filing expenses, printing expenses, state and federal registration fees, and custody expenses. GMO also has contractually agreed to waive or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees paid to GMO that are directly or indirectly borne by the Fund or a class of shares of the Fund as a result of the Fund’s direct or indirect investments in other series of GMO Trust and GMO-managed ETFs (“GMO Funds”). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes payments for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders exceed 0.15% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes both management fee and shareholder service fee. For additional information about the shareholder service fee applicable to Class III of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” The amount includes interest expense and borrowing costs for investments sold short, and dividend expenses incurred by the Fund as a result of short sales. “Other expenses” (before addition of interest expense and borrowing costs for investments sold short, and dividend expenses on short sales), interest expense and borrowing costs for investments sold short, and dividend expenses on short sales were approximately 0.12%, 0.10% and 0.30%, respectively. "Dividend and interest expense on short sales" reflects interest expense and dividends paid on borrowed securities. Dividends paid on borrowed securities are an expense of short sales. Such expenses are required to be treated as a Fund expense for accounting purposes and are not payable to Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”). Excludes extraordinary, non-recurring expense incurred during the fiscal year ended February 28, 2025. Had the extraordinary expense been reflected, "Other expenses" would have been higher by 0.20%. Consists of approximately 0.08% in underlying fund fees and expenses, less than 0.01% in interest expense, and borrowing costs for investments sold short incurred by underlying funds, 0.02% in dividend expenses on short sales incurred by underlying funds, and 0.01% in purchase premiums and redemption fees paid to underlying funds. GMO has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting and administration expenses, pricing service expenses, expenses of non-investment related tax services, transfer agency expenses, expenses of non-investment related legal services provided to the Fund by or at the direction of GMO, federal securities law filing expenses, printing expenses, state and federal registration fees, and the Fund’s direct non-emerging market custody expenses. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Includes both management fee of 0.55% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to waive its fees with respect to and/or reimburse the Fund to the extent that the Fund’s total annual fund operating expenses (after applying all other contractual and voluntary expense limitation arrangements in effect at the time) exceed the following amounts for each class of shares, in each case representing the average daily net assets for the indicated class of shares: 0.85% for Class II shares; 0.80% for Class III shares; 0.75% for Class IV shares; 0.70% for Class V shares; 0.67% for Class VI shares; 0.85% for Class R6 shares; and 0.85% for Class I shares (each, an “Expense Cap”). Fees and expenses of the “non-interested” Trustees and legal counsel to the “non-interested” Trustees, investment-related costs (such as brokerage commissions, interest, and acquired fund fees and expenses), payments out of assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries, borrowing and borrowing-related costs (such as expenses incurred in establishing and maintaining a credit facility), taxes, litigation and indemnification expenses, judgments, and other extraordinary or non-recurring expenses not incurred in the ordinary course of the Fund’s business (collectively, “Excluded Expenses”), are excluded from the Expense Cap. GMO is permitted to recover from the Fund, on a class-by-class basis, expenses it has borne or reimbursed pursuant to an Expense Cap (whether through reduction of its fees or otherwise) to the extent that the Fund’s total annual fund operating expenses (excluding Excluded Expenses) later fall below that Expense Cap or any lower expense limit in effect when GMO seeks to recover the expenses. The Fund, however, is not obligated to pay any such amount more than three years after GMO bore or reimbursed an expense. Any such recovery will not cause the Fund to exceed the Expense Caps set forth above or any lower expense limits as is in effect at the time GMO seeks to recover expenses. GMO also has contractually agreed to waive or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees paid to GMO that are directly or indirectly borne by the Fund or a class of shares of the Fund as a result of the Fund’s direct or indirect investments in other series of GMO Trust and GMO-managed ETFs (“GMO Funds”). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes estimate of payments for sub-transfer agency, recordkeeping and other administrative services for Class I's initial fiscal year. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders exceed 0.15% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Includes both management fee of 0.35% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to waive its fees with respect to and/or reimburse the Fund to the extent that the Fund’s total annual fund operating expenses (after applying all other contractual and voluntary expense limitation arrangements in effect at the time) exceed the following amounts for each class of shares, in each case representing the average daily net assets for the indicated class of shares: 0.35% for Class VI shares; 0.35% for Class R6 shares; and 0.35% for Class I shares (each, an “Expense Cap”). Fees and expenses of the “non-interested” Trustees and legal counsel to the “non-interested” Trustees, investment-related costs (such as brokerage commissions, interest, and acquired fund fees and expenses), payments out of assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries, borrowing and borrowing-related costs (such as expenses incurred in establishing and maintaining a credit facility), taxes, litigation and indemnification expenses, judgments, and other extraordinary or non-recurring expenses not incurred in the ordinary course of the Fund’s business (collectively, “Excluded Expenses”), are excluded from the Expense Cap. GMO is permitted to recover from the Fund, on a class-by-class basis, expenses it has borne or reimbursed pursuant to an Expense Cap (whether through reduction of its fees or otherwise) to the extent that the Fund’s total annual fund operating expenses (excluding Excluded Expenses) later fall below that Expense Cap or any lower expense limit in effect when GMO seeks to recover the expenses. The Fund, however, is not obligated to pay any such amount more than three years after GMO bore or reimbursed an expense. Any such recovery will not cause the Fund to exceed the Expense Caps set forth above or any lower expense limits as is in effect at the time GMO seeks to recover expenses. GMO also has contractually agreed to waive or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees paid to GMO that are directly or indirectly borne by the Fund or a class of shares of the Fund as a result of the Fund’s direct or indirect investments in other series of GMO Trust and GMO-managed ETFs (“GMO Funds”). Management fees and shareholder service fees will not be waived below zero. The reimbursement and waiver arrangements described above, including the Expense Cap, will remain in effect through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes payments for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders exceed 0.10% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. These amounts are paid to and retained by GMO Emerging Country Debt Fund (“ECDF”), the underlying fund in which the Fund invests, to help offset estimated portfolio transaction and other related costs. The purchase premiums and redemption fees paid by the Fund to ECDF are indirectly borne pro rata by each Fund shareholder in connection with the Fund’s investments in, and redemptions from, ECDF (including investments or redemptions made in connection with another Fund shareholder’s purchase or redemption of Fund shares). The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year. Includes both management fee of 0.35% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled “Multiple Classes and Eligibility.” Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to reimburse the Fund for the portion of its “Specified Operating Expenses” (as defined below) that exceeds 0.02% of the Fund’s average daily net assets. “Specified Operating Expenses” means only the following expenses: audit expenses, fund accounting and administration expenses, pricing service expenses, expenses of non-investment related tax services, transfer agency expenses (excluding, in the case of Class I shares, any amounts paid for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders), expenses of non-investment related legal services provided to the Fund by or at the direction of GMO, organizational and start-up expenses, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. GMO also has contractually agreed to waive or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees paid to GMO that are directly or indirectly borne by the Fund or a class of shares of the Fund as a result of the Fund’s direct or indirect investments in other series of GMO Trust and GMO-managed ETFs (“GMO Funds”). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Includes estimate of payments for sub-transfer agency, recordkeeping and other administrative services for Class I’s initial fiscal year. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries for the benefit of Class I shareholders exceed 0.15% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2026 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Consists of approximately 0.55% in underlying fund fees and expenses and 0.06% in interest expense incurred by underlying funds.