0000772129 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:C000281168Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:MarketRiskEquitiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:MarketRiskFixedIncomeMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:FuturesContractsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:CommoditiesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:EventDrivenRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:MarketRiskAssetBackedSecuritiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:ValueInvestingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:S000005485Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2003-07-23 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member oef:AfterTaxesOnDistributionsMember 2003-07-23 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member oef:AfterTaxesOnDistributionsAndSalesMember 2003-07-23 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Consumer_Price_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Consumer_Price_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Consumer_Price_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Consumer_Price_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2003-07-23 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Bloomberg_US_Treasury_Inflation_Notes_110_Year_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Bloomberg_US_Treasury_Inflation_Notes_110_Year_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Bloomberg_US_Treasury_Inflation_Notes_110_Year_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Bloomberg_US_Treasury_Inflation_Notes_110_Year_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2003-07-23 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2003-07-23 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_MSCI_World_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_MSCI_World_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_MSCI_World_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:index_MSCI_World_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2003-07-23 2025-12-31 0000772129 ck0000772129:doc_GMO_BenchmarkFree_Allocation_FundMember ck0000772129:C000014927Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:C000281170Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:MarketRiskEquitiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:MarketRiskFixedIncomeMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:FuturesContractsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:CommoditiesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:MarketRiskAssetBackedSecuritiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:ValueInvestingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:S000005487Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 1996-06-28 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member oef:AfterTaxesOnDistributionsMember 1996-06-28 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member oef:AfterTaxesOnDistributionsAndSalesMember 1996-06-28 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_GMO_Global_Asset_Allocation_Index_Fund_benchmarkMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_GMO_Global_Asset_Allocation_Index_Fund_benchmarkMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_GMO_Global_Asset_Allocation_Index_Fund_benchmarkMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_GMO_Global_Asset_Allocation_Index_Fund_benchmarkMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_MSCI_World_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_MSCI_World_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_MSCI_World_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_MSCI_World_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 1996-06-28 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Asset_Allocation_FundMember ck0000772129:C000014933Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:C000281166Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:MarketRiskEquitiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:S000004911Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 1993-12-09 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member oef:AfterTaxesOnDistributionsMember 1993-12-09 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member oef:AfterTaxesOnDistributionsAndSalesMember 1993-12-09 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:index_MSCI_Emerging_Markets_Index_reflects_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:index_MSCI_Emerging_Markets_Index_reflects_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:index_MSCI_Emerging_Markets_Index_reflects_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:index_MSCI_Emerging_Markets_Index_reflects_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentMember 1993-12-09 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_FundMember ck0000772129:C000013269Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:C000281179Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:S000072426Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member 2021-11-17 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member oef:AfterTaxesOnDistributionsMember 2021-11-17 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-11-17 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:index_MSCI_Emerging_Markets_exChina_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:index_MSCI_Emerging_Markets_exChina_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:index_MSCI_Emerging_Markets_exChina_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:index_MSCI_Emerging_Markets_exChina_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentMember 2021-11-17 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Markets_exChina_FundMember ck0000772129:C000228647Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:C000281172Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:MarketRiskEquitiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:MarketRiskFixedIncomeMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:ValueInvestingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:S000005490Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2005-06-16 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member oef:AfterTaxesOnDistributionsMember 2005-06-16 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member oef:AfterTaxesOnDistributionsAndSalesMember 2005-06-16 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_World_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_World_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_World_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_World_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2005-06-16 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Developed_Equity_Allocation_FundMember ck0000772129:C000014938Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:C000281171Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:MarketRiskEquitiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:MarketRiskFixedIncomeMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:ValueInvestingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:S000005488Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 1996-11-26 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member oef:AfterTaxesOnDistributionsMember 1996-11-26 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member oef:AfterTaxesOnDistributionsAndSalesMember 1996-11-26 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_Member 1996-11-26 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 1996-11-26 2025-12-31 0000772129 ck0000772129:doc_GMO_Global_Equity_Allocation_FundMember ck0000772129:C000014936Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:C000281174Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:MarketRiskEquitiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:ValueInvestingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:S000012211Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2006-06-05 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member oef:AfterTaxesOnDistributionsMember 2006-06-05 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member oef:AfterTaxesOnDistributionsAndSalesMember 2006-06-05 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_World_ex_USA_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_World_ex_USA_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_World_ex_USA_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_World_ex_USA_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2006-06-05 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_EAFE_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_EAFE_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_EAFE_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:index_MSCI_EAFE_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2006-06-05 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Developed_Equity_Allocation_FundMember ck0000772129:C000033342Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:C000281169Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:MarketRiskEquitiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:ValueInvestingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:S000005486Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 1996-10-11 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member oef:AfterTaxesOnDistributionsMember 1996-10-11 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member oef:AfterTaxesOnDistributionsAndSalesMember 1996-10-11 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_ex_USA_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_ex_USA_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_ex_USA_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:index_MSCI_ACWI_ex_USA_Fund_benchmark_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 1996-10-11 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_Allocation_FundMember ck0000772129:C000014930Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:C000281165Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:S000004224Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 1987-03-31 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member oef:AfterTaxesOnDistributionsMember 1987-03-31 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member oef:AfterTaxesOnDistributionsAndSalesMember 1987-03-31 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:index_MSCI_World_ex_USA_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:index_MSCI_World_ex_USA_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:index_MSCI_World_ex_USA_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:index_MSCI_World_ex_USA_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 1987-03-31 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:index_MSCI_EAFE_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:index_MSCI_EAFE_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:index_MSCI_EAFE_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:index_MSCI_EAFE_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 1987-03-31 2025-12-31 0000772129 ck0000772129:doc_GMO_International_Equity_FundMember ck0000772129:C000011881Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:C000281164Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:S000004084Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2004-02-06 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member oef:AfterTaxesOnDistributionsMember 2004-02-06 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member oef:AfterTaxesOnDistributionsAndSalesMember 2004-02-06 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:index_SP_500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:index_SP_500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:index_SP_500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:index_SP_500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2004-02-06 2025-12-31 0000772129 ck0000772129:doc_GMO_Quality_FundMember ck0000772129:C000011437Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:C000281163Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:S000004081Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 1985-09-18 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member oef:AfterTaxesOnDistributionsMember 1985-09-18 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member oef:AfterTaxesOnDistributionsAndSalesMember 1985-09-18 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:index_SP_Composite_1500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:index_SP_Composite_1500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:index_SP_Composite_1500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:index_SP_Composite_1500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 1985-09-18 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Equity_FundMember ck0000772129:C000011423Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:C000281178Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:ValueInvestingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:S000065871Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2019-07-02 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member oef:AfterTaxesOnDistributionsMember 2019-07-02 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-07-02 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:index_SP_SmallCap_600_Value_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:index_SP_SmallCap_600_Value_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:index_SP_SmallCap_600_Value_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2019-07-02 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:index_SP_Composite_1500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:index_SP_Composite_1500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:index_SP_Composite_1500_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2019-07-02 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Small_Cap_Value_FundMember ck0000772129:C000212810Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:C000281167Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:S000004922Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 1994-04-19 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member oef:AfterTaxesOnDistributionsMember 1994-04-19 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member oef:AfterTaxesOnDistributionsAndSalesMember 1994-04-19 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:index_JP_Morgan_EMBI_Global_Diversified_1_Composite_index_Fund_benchmarkMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:index_JP_Morgan_EMBI_Global_Diversified_1_Composite_index_Fund_benchmarkMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:index_JP_Morgan_EMBI_Global_Diversified_1_Composite_index_Fund_benchmarkMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:index_JP_Morgan_EMBI_Global_Diversified_1_Composite_index_Fund_benchmarkMember 1994-04-19 2025-12-31 0000772129 ck0000772129:doc_GMO_Emerging_Country_Debt_FundMember ck0000772129:C000013327Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:C000281176Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:FuturesContractsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:S000061716Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2018-06-25 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member oef:AfterTaxesOnDistributionsMember 2018-06-25 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member oef:AfterTaxesOnDistributionsAndSalesMember 2018-06-25 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:index_Markit_iBoxx_USD_Liquid_High_Yield_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_expenses_or_taxes_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:index_Markit_iBoxx_USD_Liquid_High_Yield_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_expenses_or_taxes_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:index_Markit_iBoxx_USD_Liquid_High_Yield_Index_Fund_benchmark_returns_reflect_no_deduction_for_fees_expenses_or_taxes_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2018-06-25 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2018-06-25 2025-12-31 0000772129 ck0000772129:doc_GMO_High_Yield_FundMember ck0000772129:C000199930Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:C000281180Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:MarketRiskFixedIncomeMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:MarketRiskAssetBackedSecuritiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:FuturesContractsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_MultiAsset_Credit_FundMember ck0000772129:S000089451Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:C000281173Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:MarketRiskAssetBackedSecuritiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:MarketRiskFixedIncomeMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:FuturesContractsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:S000007516Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2011-10-03 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member oef:AfterTaxesOnDistributionsMember 2011-10-03 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member oef:AfterTaxesOnDistributionsAndSalesMember 2011-10-03 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:index_Bloomberg_US_Securitized_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:index_Bloomberg_US_Securitized_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:index_Bloomberg_US_Securitized_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:index_Bloomberg_US_Securitized_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2011-10-03 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2011-10-03 2025-12-31 0000772129 ck0000772129:doc_GMO_Opportunistic_Income_FundMember ck0000772129:C000020548Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:C000281177Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:LeveragingRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:DerivativesAndShortSalesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:MarketRiskEquitiesMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:MarketRiskFixedIncomeMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:FuturesContractsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:NonUSInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:EventDrivenRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:FundOfFundsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:CurrencyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:CommoditiesRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:FocusedInvestmentRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:IlliquidityRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:SmallerCompanyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:S000065268Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2019-05-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member oef:AfterTaxesOnDistributionsMember 2019-05-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-05-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:index_FTSE_3Month_Treasury_Bill_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:index_FTSE_3Month_Treasury_Bill_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:index_FTSE_3Month_Treasury_Bill_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:index_FTSE_3Month_Treasury_Bill_Index_returns_reflect_no_deduction_for_fees_or_expenses_but_are_net_of_withholding_tax_on_dividend_reinvestmentsMember 2019-05-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2019-05-01 2025-12-31 0000772129 ck0000772129:doc_GMO_Alternative_Allocation_FundMember ck0000772129:C000211299Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member ck0000772129:C000281175Member 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member oef:RiskLoseMoneyMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member oef:RiskNotInsuredMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member ck0000772129:MarketRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member us-gaap:CreditRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member ck0000772129:LargeTransactionsRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member ck0000772129:ManagementAndOperationalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member ck0000772129:MarketDisruptionAndGeopoliticalRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member ck0000772129:CounterpartyRiskMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:S000025186Member ck0000772129:ETFRisksMember 2026-09-29 2026-09-29 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2016-01-01 2016-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2017-01-01 2017-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2018-01-01 2018-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2019-01-01 2019-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2020-01-01 2020-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2021-01-01 2021-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2022-01-01 2022-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2023-01-01 2023-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2024-01-01 2024-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2009-03-17 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member oef:AfterTaxesOnDistributionsMember 2009-03-17 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member oef:AfterTaxesOnDistributionsAndSalesMember 2009-03-17 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:index_FTSE_3Month_Treasury_Bill_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:index_FTSE_3Month_Treasury_Bill_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:index_FTSE_3Month_Treasury_Bill_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:index_FTSE_3Month_Treasury_Bill_Index_returns_reflect_no_deduction_for_fees_expenses_or_taxesMember 2009-03-17 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:index_Bloomberg_US_Aggregate_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2009-03-17 2025-12-31 0000772129 ck0000772129:doc_GMO_US_Treasury_FundMember ck0000772129:C000075084Member 2026-09-29 2026-09-29 pure iso4217:USD 2026-09-29 N-1A GMO TRUST 2026-09-29 ​  GMO BENCHMARK-FREE ALLOCATION FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Positive total return. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:101.5pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.80<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.17<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Acquired fund fees and expenses (underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.68<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.65<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.30<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.35<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:9.26pt; text-align:justify; width:559pt; line-height:8.5pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.65% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. GMO also has contractually agreed to waive or reduce, through at least September 30, 2027, the Fund’s management and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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”). </div> <div style="margin-top:4.74pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:4.74pt; text-align:justify; width:559pt; line-height:8.5pt;font-style:italic;font-size:8pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Consists of approximately 0.16% in underlying fund fees and expenses, 0.13% in interest expense and borrowing costs for investments sold short incurred by underlying funds, 0.37% in dividend expenses on short sales incurred by underlying funds and 0.02% in purchase premiums and redemption fees paid to underlying funds. </div> 0.008 0 0.0017 0.0068 0.0165 -0.003 0.0135 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Consists of approximately 0.16% in underlying fund fees and expenses, 0.13% in interest expense and borrowing costs for investments sold short incurred by underlying funds, 0.37% in dividend expenses on short sales incurred by underlying funds and 0.02% in purchase premiums and redemption fees paid to underlying funds. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">137 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">491 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">869 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,929</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 137 491 869 1929 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 11% of the average value of its portfolio securities. </div> 0.11 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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. <div style=" margin-top:5.34pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk –</span> 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, 2025, the Fund’s annualized net return (Class III shares, before taxes) less the Consumer Price Index was 10.23% and 4.87%, respectively. Over the three-year period and the period beginning July 31, 2003, in each case ending December 31, 2025, the Fund’s annualized net standard deviation (calculated using monthly net returns, before taxes) was 7.07% and 7.68%, 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. </div> <div style=" margin-top:5.34pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities –</span> 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. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style="margin-left:12pt; margin-top:9.34pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk –</span> 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. </div> <div style=" margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income –</span> 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). </div> <div style=" margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk –</span> 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. </div> <div style=" margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk –</span> 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Futures Contracts Risk –</span> 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. </div> <div style=" margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk –</span> 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. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style="margin-left:12pt; margin-top:9.11pt; text-align:justify; width:547pt; line-height:12pt;">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 </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:11.5pt;">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. </div> <div style=" margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk –</span> Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk –</span> 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. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Commodities Risk –</span> 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. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Event-Driven Risk –</span> 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. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk –</span> 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. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk –</span> 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. </div> <div style=" margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk –</span> 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. </div> <div style=" margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk –</span> 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. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Asset-Backed Securities –</span> 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. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk –</span> 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. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk –</span> 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. </div> <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Value Investing Risk –</span> 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks –</span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-size:10pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_benchmarkfree-bw.jpg]" src="bc_benchmarkfree-bw.jpg" style="-sec-ix-hidden: hidden-fact-8; height: 160px; width: 343px;"/> </div> <div style="margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 7.89% 4Q 2022<br/>Lowest Quarter: <span style="white-space:nowrap;">-16.05%</span> 1Q 2020<br/>Year-to-Date: 9.33% As of 6/30/2026<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">2</span></div> Highest Quarter: 0.0789 2022-12-31 Lowest Quarter: -0.1605 2020-03-31 Year-to-Date: 0.0933 2026-06-30 Average Annual Total Returns1 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:6pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:133.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 1.65pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 1.65pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 1.65pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 1.65pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:1.9pt 0pt 1.65pt 0pt; width:133.82pt;vertical-align:top;">Class III<span style=" position:relative; bottom:3.25pt;font-size:5pt;">3</span></td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:1.9pt 0pt 1.65pt 0pt;text-align:center;"> <div style="text-align:center;">7/23/2003</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:7.99999999999999pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:1.9pt 0pt 1.65pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">22.87</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.90</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">5.82</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">7.46</td> <td style="padding:1.9pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:1.89pt 0pt 1.65pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">21.50</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">6.71</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">4.79</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.95</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:1.89pt 0pt 1.65pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">14.18</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">5.90</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">4.32</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.66</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:1.89pt 0pt 1.65pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Consumer Price Index</span> (returns reflect <br/>no deduction for fees, expenses, or <br/>taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">2.63</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">4.49</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">3.20</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.59</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:1.89pt 0pt 1.65pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Bloomberg U.S. Treasury Inflation <br/> Notes: 1-10 Year Index</span> (returns reflect <br/>no deduction for fees, expenses, or<br/>taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.47</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">2.52</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">3.32</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">3.57</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:1.89pt 0pt 1.65pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Bloomberg U.S. Aggregate Index</span> <br/>(reflects no deduction for fees, <br/>expenses, or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.30</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">-0.36</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">2.01</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">3.28</td> <td style="padding:1.89pt 0pt 1.65pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:1.89pt 0pt 1.51pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI World Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">4</span> (returns reflect no <br/>deduction for fees or expenses, but are <br/>net of withholding tax on dividend<br/>reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">21.09</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">12.15</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">12.17</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">9.46</td> <td style="padding:1.89pt 0pt 1.51pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="text-align:justify; width:559pt; line-height:7pt;font-style:italic;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 2.45% to 2024 annual performance. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 0.93% (1-day performance impact). </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> The returns shown for periods prior to January 1, 2012 are for Class III shares of the Fund under the Fund’s prior fee arrangement. Under the Fund’s current fee arrangement, the returns for periods prior to January 1, 2012 would have been lower. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">4</span><span style="font-size:8pt;"> 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.</span> </div> 2003-07-23 0.2287 0.079 0.0582 0.0746 0.215 0.0671 0.0479 0.0595 0.1418 0.059 0.0432 0.0566 0.0263 0.0449 0.032 0.0259 0.0747 0.0252 0.0332 0.0357 0.073 -0.0036 0.0201 0.0328 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividendreinvestments) 0.2109 0.1215 0.1217 0.0946 ​  GMO GLOBAL ASSET ALLOCATION FUND   ​ Investment objective <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:101.5pt;margin-top:8.99999999999997pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.20<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Acquired fund fees and expenses (underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.83<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.03<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.19<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">4</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.84<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:10pt; text-align:justify; width:559pt; line-height:7pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee and class-specific service and supplemental support fee, if any. </div> <div style="margin-top:4.78pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:4.79pt; text-align:justify; width:559pt; line-height:8.5pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Consists of approximately 0.55% in underlying fund fees and expenses, 0.06% in interest expenses and borrowing costs for investments sold short incurred by underlying funds, 0.20% in dividend expenses on short sales incurred by underlying funds, and 0.02% in purchase premiums and redemption fees paid to underlying funds. </div> <div style="margin-top:4.78pt; text-align:justify; width:559pt; line-height:8.5pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">4</span> Grantham, Mayo, Van Otterloo &amp; Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> 0 0 0.002 0.0083 0.0103 -0.0019 0.0084 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Consists of approximately 0.55% in underlying fund fees and expenses, 0.06% in interest expenses and borrowing costs for investments sold short incurred by underlying funds, 0.20% in dividend expenses on short sales incurred by underlying funds, and 0.02% in purchase premiums and redemption fees paid to underlying funds. 2027-09-30 Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">86 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">309 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">550 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,242</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 86 309 550 1242 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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, 2026, 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, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 28% of the average value of its portfolio securities. </div> 0.32 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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. 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. <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk</span> – 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk</span> – <span style="font-style:italic;">Equities</span> – 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. </div> <div style=" margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk</span> – 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 </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:11.5pt;">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. </div> <div style=" margin-top:4.96pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income</span> – 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). </div> <div style=" margin-top:4.95pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk</span> – 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. </div> <div style=" margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Futures Contracts Risk</span> – 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. </div> <div style=" margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk</span> – 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. </div> <div style=" margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk</span> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk</span> – 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. </div> <div style=" margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Commodities Risk</span> – 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. </div> <div style=" margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk</span> – 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk</span> – 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. </div> <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk</span> – 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. </div> <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk</span> – 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. </div> <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk</span> – 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. </div> <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk</span> – <span style="font-style:italic;">Asset-Backed Securities</span> – 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. </div> <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk</span> – 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. </div> <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk</span> – 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. </div> <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Value Investing Risk</span> – 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. </div> <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks</span> – The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit </div> <div style="margin-top:9pt;height:681pt;margin-left:18pt;width:559pt;"> <div style="margin-left:22pt; text-align:justify; width:537pt; line-height:12pt;">the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-size:10pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_globalasset-bw.jpg]" src="bc_globalasset-bw.jpg" style="-sec-ix-hidden: hidden-fact-9; height: 160px; width: 343px;"/> </div> <div style="margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;"> Highest Quarter: 11.55% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-16.75%</span> 1Q 2020<br/>Year-to-Date: 11.21% As of 6/30/2026<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">2</span></div> Highest Quarter: 0.1155 2020-06-30 Lowest Quarter: -0.1675 2020-03-31 Year-to-Date: 0.1121 2026-06-30 Average Annual Total Returns1,3 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:7pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:133.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.01pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.01pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.01pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.01pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.25pt 0pt 3.01pt 0pt; width:133.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.25pt 0pt 3.01pt 0pt;text-align:center;"> <div style="text-align:center;">6/28/1996</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.25pt 0pt 3.01pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">23.41</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.09</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.15</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">7.04</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.25pt 0pt 3.01pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">21.49</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">5.41</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">5.79</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.26</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.25pt 0pt 3.01pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">14.28</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">4.93</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">5.24</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.11</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.25pt 0pt 3.01pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">GMO Global Asset Allocation Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">4</span> <br/>(Fund benchmark) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">16.97</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.15</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.44</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.26</td> <td style="padding:3.25pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.26pt 0pt 3.01pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI ACWI</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">5</span> (returns reflect no <br/>deduction for fees or expenses, but are <br/>net of withholding tax on dividend <br/>reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">22.34</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.19</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.72</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">7.73</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.26pt 0pt 3.01pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Bloomberg U.S. Aggregate Index</span> <br/>(reflects no deduction for fees, <br/>expenses, or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">7.30</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">-0.36</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">2.01</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">4.33</td> <td style="padding:3.26pt 0pt 3.01pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="text-align:justify; width:559pt; line-height:7pt;font-style:italic;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 0.80% to 2024 annual performance. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 2.10% (1-day performance impact). </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> The Fund commenced operations on June 28, 1996 with two classes of shares – (i) a class that has since terminated (the “Legacy Class”) and (ii) Class II shares. No Class II shares were outstanding as of October 16, 1996. Class III shares were first issued on October 22, 1996. Legacy Class shares converted to Class III shares on January 9, 1998. Class III performance information presented in the table represents Class II performance from June 28, 1996 to October 16, 1996, Legacy Class performance from October 16, 1996 to October 21, 1996, and Class III performance thereafter. The performance information (before and after taxes) for all periods prior to June 30, 2002 was achieved prior to the change in the Fund’s principal investment strategies, effective June 30, 2002. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">4</span> This benchmark provides a performance comparison that tracks changes in the Fund’s benchmark over time. See “Fund Benchmarks and Comparative Indices” for the time periods covered by each index included in the composite benchmark. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">5</span><span style="font-size:8pt;"> 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.</span> </div> 1996-06-28 0.2341 0.0709 0.0715 0.0704 0.2149 0.0541 0.0579 0.0526 0.1428 0.0493 0.0524 0.0511 0.1697 0.0715 0.0844 0.0626 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.2234 0.1119 0.1172 0.0773 0.073 -0.0036 0.0201 0.0433 ​  GMO EMERGING MARKETS FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Total return. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:9.00000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.87<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.38<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.25<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.22<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.03<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:9.11pt; text-align:justify; width:559pt; line-height:8.5pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.65% and class-specific service and supplemental support fee of 0.22% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; Co. LLC (“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 exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. In addition, GMO has contractually agreed to waive the service and supplemental support fees charged to each class of shares of the Fund to the extent necessary to prevent the service and supplemental support fees paid by the class from exceeding the following amounts of the class’s average daily net assets: 0.20% for ETF Class shares. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.89pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.0087 0 0.0038 0.0125 -0.0022 0.0103 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">105 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">375 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">665 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,492</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 105 375 665 1492 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 110% 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, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 91% of the average value of its portfolio securities. </div> 1.10 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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”). 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. <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities</span> – 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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk</span> – 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. </div> <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk</span> – 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk</span> – 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. </div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk</span> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk</span> – 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. </div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk</span> – 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. </div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk</span> – 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. </div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk</span> – 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. </div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk</span> – 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. </div> <div style=" margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk</span> – 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. </div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk</span> – 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. </div> <div style=" margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk</span> – 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. </div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks</span> – The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.05pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.05pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may </div> <div style="margin-top:9pt;height:681pt;margin-left:18pt;width:559pt;"> <div style="margin-left:22pt; text-align:justify; width:537pt; line-height:12pt;">be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_emergingmarkets-bw.jpg]" src="bc_emergingmarkets-bw.jpg" style="-sec-ix-hidden: hidden-fact-10; height: 159px; width: 343px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;"> Highest Quarter: 15.88% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-24.26%</span> 1Q 2020<br/>Year-to-Date: 35.74% As of 6/30/2026<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">1</span></div> Highest Quarter: 0.1588 2020-06-30 Lowest Quarter: -0.2426 2020-03-31 Year-to-Date: 0.3574 2026-06-30 Average Annual Total Returns Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:5.5pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;min-height:15pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:130.76pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:4pt 0pt 3.75pt 0pt; width:130.76pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:4pt 0pt 3.75pt 0pt;text-align:center;"> <div style="text-align:center;">12/9/1993</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:4pt 0pt 3.75pt 0pt; width:130.76pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">33.82</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.59</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.97</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.67</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:4pt 0pt 3.75pt 0pt; width:130.76pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">32.05</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.13</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.86</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.38</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:4pt 0pt 3.75pt 0pt; width:130.76pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">20.87</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.66</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.45</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.56</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:4pt 0pt 3.75pt 0pt; width:130.76pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI Emerging Markets Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">2</span> <br/>(reflects no deduction for fees or <br/>expenses, but are net of withholding <br/>tax on dividend reinvestment) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">33.57</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">4.20</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">8.42</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.42pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">5.76</td> <td style="padding:4pt 0pt 3.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.42pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 10.07% (1-day performance impact).</div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">2</span><span style="font-size:8pt;"> 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. </span> </div> 1993-12-09 0.3382 0.0259 0.0697 0.0667 0.3205 0.0113 0.0586 0.0538 0.2087 0.0166 0.0545 0.0556 (reflects no deduction for fees or expenses, but are net of withholding tax on dividend reinvestment) 0.3357 0.042 0.0842 0.0576 ​  GMO EMERGING MARKETS EX-CHINA FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Total return. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.77<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.49<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.26<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.40<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.86<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:8.8pt; text-align:justify; width:559pt; line-height:9pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.55% and class-specific service and supplemental support fee of 0.22% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; 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 0.85% of the average daily net assets for ETF Class shares (the “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 the 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 Cap 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:6pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.0077 0 0.0049 0.0126 -0.004 0.0086 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:300pt;height:21.5pt;margin-left:129.5pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:104pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:104pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">88 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">360 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">653 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,487</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 88 360 653 1487 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 92% 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, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 85% of the average value of its portfolio securities. </div> 0.92 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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”). 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. <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities –</span> 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. </div> <div style=" margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk –</span> 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk –</span> 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, </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk –</span> 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. </div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk –</span> Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk –</span> 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. </div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk –</span> 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. </div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk –</span> 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. </div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk –</span> 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. </div> <div style=" margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk –</span> 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. </div> <div style=" margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk –</span> 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. </div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk –</span> 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. </div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk –</span> 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. </div> <div style=" margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks –</span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.04pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style=" float:left; margin-left:10pt; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 <div style="position:relative;margin-top:9pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_emergmrktchina-bw.jpg]" src="bc_emergmrktchina-bw.jpg" style="-sec-ix-hidden: hidden-fact-11; height: 160px; width: 343px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 15.67% 4Q 2023<br/>Lowest Quarter: <span style="white-space:nowrap;">-21.34%</span> 1Q 2022<br/>Year-to-Date: 47.64% As of 6/30/2026<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">1</span></div> Highest Quarter: 0.1567 2023-12-31 Lowest Quarter: -0.2134 2022-03-31 Year-to-Date: 0.4764 2026-06-30 Average Annual Total Returns Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:5.5pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:129.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">11/17/2021</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">31.85</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">3.22</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">28.98</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">0.33</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">20.66</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.92</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI Emerging Markets ex-China <br/> Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">2</span> (returns reflect no deduction <br/>for fees or expenses, but are net of <br/>withholding tax on dividend <br/>reinvestment) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">34.61</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;"> <div style="-sec-ix-hidden: hidden-fact-0">N/A</div></td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:5.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;"> <div style="-sec-ix-hidden: hidden-fact-1">N/A</div></td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">7.47</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 9.51% (1-day performance impact).</div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">2</span><span style="font-size:8pt;"> 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.</span> </div> 2021-11-17 0.3185 0.0322 0.2898 0.0033 0.2066 0.0192 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestment) 0.3461 0.0747 ​  GMO GLOBAL DEVELOPED EQUITY ALLOCATION FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return greater than that of its benchmark, the MSCI World Index. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:101.5pt;margin-top:9.00000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.24<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Acquired fund fees and expenses (underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.53<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.77<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.23<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">4</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.54<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:10pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee and class-specific service and supplemental support fee, if any. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">4</span> Grantham, Mayo, Van Otterloo &amp; Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> 0 0 0.0024 0.0053 0.0077 -0.0023 0.0054 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. 2027-09-30 Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">55 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">223 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">405 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">933</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 55 223 405 933 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 19% of the average value of its portfolio securities. </div> 0.19 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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). 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. <div style=" margin-top:4.94pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities –</span> 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. </div> <div style=" margin-top:4.94pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk –</span> 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. </div> <div style=" margin-top:4.94pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk –</span> 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. </div> <div style=" margin-top:4.94pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk –</span> 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 </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk –</span> 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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk –</span> 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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk –</span> Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk –</span> 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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk –</span> 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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk –</span> 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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk –</span> 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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk –</span> 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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk –</span> 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. </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income –</span> 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). </div> <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk –</span> 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Value Investing Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks –</span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_globaldevelop-bw.jpg]" src="bc_globaldevelop-bw.jpg" style="-sec-ix-hidden: hidden-fact-12; height: 160px; width: 343px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;"> Highest Quarter: 17.63% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-23.90%</span> 1Q 2020<br/>Year-to-Date: 15.15% As of 6/30/2026<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">2</span> </div> Highest Quarter: 0.1763 2020-06-30 Lowest Quarter: -0.239 2020-03-31 Year-to-Date: 0.1515 2026-06-30 Average Annual Total Returns1 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:6pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:133.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:133.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">6/16/2005</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">28.39</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">12.19</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.23</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">8.31</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">26.68</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.00</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">9.62</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.88</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">17.34</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.92</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.68</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.49</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI World Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">3</span> (Fund benchmark) <br/>(returns reflect no deduction for fees or <br/>expenses, but are net of withholding <br/>tax on dividend reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">21.09</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">12.15</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">12.17</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">8.76</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 1.42% to 2024 annual performance. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 0.20% (1-day performance impact). </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">3</span><span style="font-size:8pt;"> 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. </span> </div> 2005-06-16 0.2839 0.1219 0.1123 0.0831 0.2668 0.10 0.0962 0.0688 0.1734 0.0892 0.0868 0.0649 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.2109 0.1215 0.1217 0.0876 ​  GMO GLOBAL EQUITY ALLOCATION FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return greater than that of its benchmark, the MSCI ACWI. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:101.5pt;margin-top:9.00000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.19<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Acquired fund fees and expenses (underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.57<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.76<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.18<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">4</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.58<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:10pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee and class-specific service and supplemental support fee, if any. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">4</span> Grantham, Mayo, Van Otterloo &amp; Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> 0 0 0.0019 0.0057 0.0076 -0.0018 0.0058 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. 2027-09-30 Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">59</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">225 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">405 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">925</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 59 225 405 925 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 18% of the average value of its portfolio securities. </div> 0.18 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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”). 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. <div style=" margin-top:5.18pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities –</span> 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. </div> <div style=" margin-top:5.18pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk –</span> 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. </div> <div style=" margin-top:5.18pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk –</span> 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. </div> <div style=" margin-top:5.17pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk –</span> 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, </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk –</span> Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income –</span> 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). </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Value Investing Risk –</span> 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks –</span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_globalequity-bw.jpg]" src="bc_globalequity-bw.jpg" style="-sec-ix-hidden: hidden-fact-13; height: 160px; width: 343px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;"> Highest Quarter: 17.13% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-24.20%</span> 1Q 2020<br/>Year-to-Date: 17.83% As of 6/30/2026<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">2</span></div> Highest Quarter: 0.1713 2020-06-30 Lowest Quarter: -0.242 2020-03-31 Year-to-Date: 0.1783 2026-06-30 Average Annual Total Returns1 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:7.5pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:129.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">11/26/1996</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">29.16</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.53</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.42</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">8.44</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">27.38</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.61</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">9.03</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.53</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">17.84</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.67</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.11</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.36</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="font-weight:bold;">MSCI ACWI +<span style=" position:relative; bottom:3.25pt;font-size:5pt;">3,4</span><span style="font-weight:normal;"> (Composite index) </span></div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">22.34</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.19</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.72</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">7.64</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI ACWI</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">4</span> (Fund benchmark) <br/>(returns reflect no deduction for fees <br/>or expenses, but are net of <br/>withholding tax on dividend <br/>reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">22.34</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">11.19</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">11.72</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">7.59</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 1.28% to 2024 annual performance. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 1.39% (1-day performance impact). </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> The composite index provides a performance comparison that tracks changes in the Fund’s benchmark over time. See “Fund Benchmarks and Comparative Indices” for the time periods covered by each index included in the composite index. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">4</span><span style="font-size:8pt;"> 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. </span> </div> 1996-11-26 0.2916 0.1053 0.1042 0.0844 0.2738 0.0861 0.0903 0.0653 0.1784 0.0767 0.0811 0.0636 0.2234 0.1119 0.1172 0.0764 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.2234 0.1119 0.1172 0.0759 ​  GMO INTERNATIONAL DEVELOPED EQUITY ALLOCATION FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Total return greater than that of its benchmark, the MSCI World ex USA Index. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:101.5pt;margin-top:9.00000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.22<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Acquired fund fees and expenses (underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.62<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.84<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.21<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">4</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.63<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:10pt; text-align:justify; width:559pt; line-height:7pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee and class-specific service and supplemental support fee, if any. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:9pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:9pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">4</span> Grantham, Mayo, Van Otterloo &amp; Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> 0 0 0.0022 0.0062 0.0084 -0.0021 0.0063 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. 2027-09-30 Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">64 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">247 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">445 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,018</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 64 247 445 1018 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 14% of the average value of its portfolio securities. </div> 0.14 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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). 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. <div style=" margin-top:4.84pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities</span> − 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. </div> <div style=" margin-top:4.84pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk</span> − 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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk</span> − 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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk</span> − Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk</span> − 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, </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:11.5pt;">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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk</span> − 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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk</span> − 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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk</span> − 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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk</span> − 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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk</span> − 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. </div> <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk</span> − 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. </div> <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk</span> − 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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk</span> − 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. </div> <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income</span> − 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). </div> <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk</span> − 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. </div> <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Value Investing Risk</span> − 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks</span> − The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 an additional broad-based securities market index that was used as the Fund’s benchmark for periods prior to June 20, 2026. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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 an additional broad-based securities market index that was used as the Fund’s benchmark for periods prior to June 20, 2026. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_interdevelopedequity-bw.jpg]" src="bc_interdevelopedequity-bw.jpg" style="-sec-ix-hidden: hidden-fact-14; height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 17.89% 4Q 2022<br/>Lowest Quarter: <span style="white-space:nowrap;">-23.99%</span> 1Q 2020<br/>Year-to-Date: 17.62% As of 6/30/2026 </div> Highest Quarter: 0.1789 2022-12-31 Lowest Quarter: -0.2399 2020-03-31 Year-to-Date: 0.1762 2026-06-30 Average Annual Total Returns1 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:5.5pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:137.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.42pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.42pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.42pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.42pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:2.67pt 0pt 2.43pt 0pt; width:137.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:2.67pt 0pt 2.43pt 0pt;text-align:center;"> <div style="text-align:center;">6/5/2006</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:2.67pt 0pt 2.43pt 0pt; width:137.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">43.73</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">13.38</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.12</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.16</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:2.67pt 0pt 2.43pt 0pt; width:137.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">40.26</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.57</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.84</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.01</td> <td style="padding:2.67pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:2.68pt 0pt 2.43pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">26.78</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.12</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.92</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">4.74</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:2.68pt 0pt 2.43pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI World ex USA Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">2,3</span> (Fund <br/>benchmark) (returns reflect no deduction <br/>for fees or expenses, but are net of <br/>withholding tax on dividend <br/>reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">31.85</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">9.47</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.55</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.25</td> <td style="padding:2.68pt 0pt 2.43pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:2.68pt 0pt 1.5pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI EAFE Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">2,3</span> (Fund benchmark) <br/>(returns reflect no deduction for fees or <br/>expenses, but are net of withholding tax <br/>on dividend reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">31.22</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">8.93</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">8.18</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">5.12</td> <td style="padding:2.68pt 0pt 1.5pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="clear:both;font-size:0pt;">​</div> <div style="text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">1</span><span style="font-size:8pt;"> Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 3.75% to 2024 annual performance. </span> </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">2</span><span style="font-size:8pt;"> 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. </span> </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Effective June 20, 2026, the Fund changed its benchmark from the MSCI EAFE Index to the MSCI World ex USA Index because GMO believes that the MSCI World ex USA Index is more appropriate in light of the Fund’s investment strategy.</div> 2006-06-05 0.4373 0.1338 0.1012 0.0616 0.4026 0.1157 0.0884 0.0501 0.2678 0.1012 0.0792 0.0474 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.3185 0.0947 0.0855 0.0525 0.3122 0.0893 0.0818 0.0512 ​  GMO INTERNATIONAL EQUITY ALLOCATION FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return greater than that of its benchmark, the MSCI ACWI ex USA. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:101.5pt;margin-top:9.00000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.19<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Acquired fund fees and expenses (underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.69<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.88<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.18<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">4</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.70<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:10pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee and class-specific service and supplemental support fee, if any. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:5.07pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">4</span> Grantham, Mayo, Van Otterloo &amp; Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> 0 0 0.0019 0.0069 0.0088 -0.0018 0.007 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. 2027-09-30 Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">72 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">263 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">470 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,068</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 72 263 470 1068 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 18% of the average value of its portfolio securities. </div> 0.18 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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”). 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. <div style=" margin-top:5.08pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities</span> − 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. </div> <div style=" margin-top:5.08pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk</span> − 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. </div> <div style=" margin-top:5.08pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk</span> − 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. </div> <div style=" margin-top:5.08pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk</span> − Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:5.08pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk</span> − 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 </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:6.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk</span> − 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. </div> <div style=" margin-top:6.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk</span> − 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. </div> <div style=" margin-top:6.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk</span> − 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. </div> <div style=" margin-top:6.45pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk</span> − 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. </div> <div style=" margin-top:6.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk</span> − 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. </div> <div style=" margin-top:6.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk</span> − 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. </div> <div style=" margin-top:6.45pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk</span> − 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. </div> <div style=" margin-top:6.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk</span> − 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. </div> <div style=" margin-top:6.45pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income</span> − 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). </div> <div style=" margin-top:6.45pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk</span> − 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. </div> <div style=" margin-top:6.45pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Value Investing Risk</span> − 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks</span> − The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_interquityallocation-bw.jpg]" src="bc_interquityallocation-bw.jpg" style="-sec-ix-hidden: hidden-fact-15; height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;"> Highest Quarter: 16.30% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-24.01%</span> 1Q 2020<br/>Year-to-Date: 22.90% As of 6/30/2026<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">2</span></div> Highest Quarter: 0.163 2020-06-30 Lowest Quarter: -0.2401 2020-03-31 Year-to-Date: 0.229 2026-06-30 Average Annual Total Returns1 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:6pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:129.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">10/11/1996</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">40.90</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">9.96</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">9.07</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">7.39</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">38.28</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">8.22</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">7.82</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.89</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">25.03</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">7.35</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">7.07</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.78</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:129.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI ACWI ex USA</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">3</span> (Fund <br/>benchmark) (returns reflect no <br/>deduction for fees or expenses, but are <br/>net of withholding tax on dividend <br/>reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">32.39</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">7.91</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">8.41</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">5.92</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="clear:both;font-size:0pt;">​</div> <div style="text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 2.51% to 2024 annual performance. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 3.03% (1-day performance impact). </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">3</span><span style="font-size:8pt;"> 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.</span> </div> 1996-10-11 0.409 0.0996 0.0907 0.0739 0.3828 0.0822 0.0782 0.0589 0.2503 0.0735 0.0707 0.0578 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.3239 0.0791 0.0841 0.0592 ​  GMO INTERNATIONAL EQUITY FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">High total return. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:498.28pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:8pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:498.28pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.72<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:0pt; width:8pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:498.28pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:0pt; width:8pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:498.28pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.18<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:0pt; width:8pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:498.28pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.90<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:0pt; width:8pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:498.28pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.15<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:0pt; width:8pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:498.28pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.75<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:6.115pt;width:0pt;">​</td> <td style="padding:0pt; width:8pt;">​</td> </tr> </table> <div style="margin-top:8.8pt; text-align:justify; width:559pt; line-height:9pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.50% and class-specific service and supplemental support fee of 0.22% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; 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. If the Fund has outstanding ETF Class shares, the reimbursement will be implemented at the share class level. “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, custody expenses and exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:6pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.0072 0 0.0018 0.009 -0.0015 0.0075 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">77 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">272 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">484 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,094</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 77 272 484 1094 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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, 2026, 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, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 74% of the average value of its portfolio securities. </div> 1.04 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:11.5pt;">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. 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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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”). 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. <div style=" margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities –</span> 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. </div> <div style=" margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk –</span> 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. </div> <div style=" margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk –</span> 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. </div> <div style=" margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk –</span> 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) </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk –</span> Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk –</span> 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk –</span> 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk –</span> 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk –</span> 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk –</span> 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. </div> <div style=" margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk –</span> 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk –</span> 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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks –</span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the </div> <div style="margin-top:9pt;height:681pt;margin-left:18pt;width:559pt;"> <div style="margin-left:22pt; text-align:justify; width:537pt; line-height:12pt;">bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 an additional broad-based securities market index that was used as the Fund’s benchmark for periods prior to June 20, 2026. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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 an additional broad-based securities market index that was used as the Fund’s benchmark for periods prior to June 20, 2026. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 <div style="position:relative;margin-top:9pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_interequityfund-bw.jpg]" src="bc_interequityfund-bw.jpg" style="-sec-ix-hidden: hidden-fact-16; height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 18.56% 4Q 2022<br/>Lowest Quarter: <span style="white-space:nowrap;">-23.97%</span> 1Q 2020<br/>Year-to-Date: 18.86% As of 6/30/2026</div> Highest Quarter: 0.1856 2022-12-31 Lowest Quarter: -0.2397 2020-03-31 Year-to-Date: 0.1886 2026-06-30 Average Annual Total Returns1 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:7pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:133.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt;text-align:center;"> <div style="text-align:center;">3/31/1987</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">44.00</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">14.51</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.34</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">8.14</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">41.55</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">12.86</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">9.15</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.73</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">26.76</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.10</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.13</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.49</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI World ex USA Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">2,3</span> (returns <br/>reflect no deduction for fees or <br/>expenses, but are net of withholding <br/>tax on dividend reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">31.85</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">9.47</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.55</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.95</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">MSCI EAFE Index</span><span style=" position:relative; bottom:3.25pt;font-size:5pt;font-weight:bold;">2,3</span> (returns reflect no <br/>deduction for fees or expenses, but are <br/>net of withholding tax on dividend <br/>reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">31.22</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">8.93</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">8.18</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">5.82</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="clear:both;font-size:0pt;">​</div> <div style="text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">1</span><span style="font-size:8pt;"> Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. </span> </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:6pt;"> <span style=" position:relative; bottom:3.25pt;">2</span><span style="font-size:8pt;"> 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. </span> </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Effective June 20, 2026, the Fund changed its benchmark from the MSCI EAFE Index to the MSCI World ex USA Index because GMO believes that the MSCI World ex USA Index is more appropriate in light of the Fund’s investment strategy.</div> 1987-03-31 0.44 0.1451 0.1034 0.0814 0.4155 0.1286 0.0915 0.0673 0.2676 0.111 0.0813 0.0649 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.3185 0.0947 0.0855 0.0595 0.3122 0.0893 0.0818 0.0582 ​  GMO QUALITY FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Total return. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:9.00000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.48<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.19<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.67<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.16<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.51<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:9.11pt; text-align:justify; width:559pt; line-height:8.5pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.33% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; 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 0.50% of the average daily net assets for ETF Class shares (the “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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.89pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.0048 0 0.0019 0.0067 -0.0016 0.0051 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">52 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">198 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">357 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">819</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 52 198 357 819 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 39% 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, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 24% of the average value of its portfolio securities. </div> 0.39 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">Under normal circumstances, the Fund invests directly and indirectly at least 80% of its assets in equities of quality companies (see “Name Policies”). The term “quality company” means a company that (i) is included in an independently maintained index of quality companies (“Quality Index”); (ii) has financial and business characteristics that GMO determines to be similar to those of companies included in a Quality Index; or (iii) rates in the top 50% of GMO’s quality rankings for companies within the Fund’s investment universe. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> Under normal circumstances, the Fund invests directly and indirectly at least 80% of its assets in equities of quality companies (see “Name Policies”). The term “quality company” means a company that (i) is included in an independently maintained index of quality companies (“Quality Index”); (ii) has financial and business characteristics that GMO determines to be similar to those of companies included in a Quality Index; or (iii) rates in the top 50% of GMO’s quality rankings for companies within the Fund’s investment universe. 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. <div style=" margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities – </span>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. </div> <div style=" margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk – </span>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. </div> <div style=" margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk – </span>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. </div> <div style=" margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk – </span>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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk – </span>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk – </span>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. </div> <div style=" margin-top:5.12pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk – </span>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. </div> <div style=" margin-top:5.12pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk – </span>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. </div> <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk – </span>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. </div> <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks – </span>The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style="margin-left:22pt; text-align:justify; width:537pt; line-height:12pt;">have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_qualityfund-bw.jpg]" src="bc_qualityfund-bw.jpg" style="height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;"> Highest Quarter: 16.03% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-16.42%</span> 1Q 2020<br/>Year-to-Date: 5.74% As of 6/30/2026</div> Highest Quarter: 0.1603 2020-06-30 Lowest Quarter: -0.1642 2020-03-31 Year-to-Date: 0.0574 2026-06-30 Average Annual Total Returns Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:7pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:137.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">2/6/2004</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">19.69</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">14.64</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">15.95</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.68</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">16.63</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">12.61</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">13.50</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.81</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">13.59</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.30</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">12.54</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.42</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">S&amp;P 500 Index</span> (returns reflect no <br/>deduction for fees, expenses, or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">17.88</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">14.43</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">14.82</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">10.62</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> 2004-02-06 0.1969 0.1464 0.1595 0.1068 0.1663 0.1261 0.135 0.0881 0.1359 0.113 0.1254 0.0842 (returns reflect no deduction for fees, expenses, or taxes) 0.1788 0.1443 0.1482 0.1062 ​  GMO U.S. EQUITY FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">High total return. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.46<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.24<span style="position:absolute;">% <span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.70<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.21<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.49<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:8.8pt; text-align:justify; width:559pt; line-height:9pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.31% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; 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. If the Fund has outstanding ETF Class shares, the reimbursement will be implemented at the share class level. “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, custody expenses and exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:6pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.0046 0 0.0024 0.007 -0.0021 0.0049 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">50</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">203 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">359 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">851</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 50 203 359 851 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 101% 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, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 95% of the average value of its portfolio securities. </div> 1.01 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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”). 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. <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk −</span> 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 </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:11.5pt;">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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk −</span> 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. </div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks −</span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares1 Years Ending December 31 <div style="position:relative;margin-top:9pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_equityfund-bw.jpg]" src="bc_equityfund-bw.jpg" style="-sec-ix-hidden: hidden-fact-17; height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 19.81% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-21.15%</span> 1Q 2020<br/>Year-to-Date: 14.57% As of 6/30/2026 </div> Highest Quarter: 0.1981 2020-06-30 Lowest Quarter: -0.2115 2020-03-31 Year-to-Date: 0.1457 2026-06-30 Average Annual Total Returns1 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:7pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:133.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 2.75pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt;text-align:center;"> <div style="text-align:center;">9/18/1985</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">22.22</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">15.82</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">13.97</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.65</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">18.89</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.86</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.31</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.78</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">15.20</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.51</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">10.19</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.76</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3pt 0pt 2.75pt 0pt; width:133.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">S&amp;P Composite 1500 Index</span> (returns <br/>reflect no deduction for fees, expenses, <br/>or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">17.02</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">13.96</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">14.46</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;"> <div style="-sec-ix-hidden: hidden-fact-2">N/A</div></td> <td style="padding:3pt 0pt 2.75pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="clear:both;font-size:0pt;">​</div> <div style="text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> The Fund is the successor to GMO U.S. Core Fund, a former series of GMO Trust that had an investment objective and investment policies and restrictions substantially identical to those of the Fund. Performance of the Fund through September 16, 2005 is that of GMO U.S. Core Fund and reflects GMO U.S. Core Fund’s annual operating expenses (0.02% higher than those of the Fund). </div> 1985-09-18 0.2222 0.1582 0.1397 0.1165 0.1889 0.1186 0.1031 0.0878 0.152 0.1151 0.1019 0.0876 (returns reflect no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 ​  GMO U.S. SMALL CAP VALUE FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Total return. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.46<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.47<span style="position:absolute;">% <span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.93<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.34<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.59<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:9.19pt; text-align:justify; width:559pt; line-height:8.5pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.31% and class-specific service and supplemental support fee and 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; Co. LLC (“GMO”) has contractually agreed to reimburse the Fund for the portion of its “Specified Operating Expenses” ​(as defined below) that exceeds 0.10% of the Fund’s average daily net assets. If the Fund has outstanding ETF Class shares, the reimbursement will be implemented at the share class level. “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, custody expenses and exchange listing fees. GMO is permitted to recover from the Fund, on a class-by-class basis, “Specified Operating Expenses” it has borne or reimbursed (whether through reduction of its fees or otherwise) to the extent that the Fund’s “Specified Operating Expenses” later fall below the annualized rate of 0.10% per year 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 annual limitation rate set forth above or any lower expense limit 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.8pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.0046 0 0.0047 0.0093 -0.0034 0.0059 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">60 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">262 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">481 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,112</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 60 262 481 1112 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 98% 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, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 92% of the average value of its portfolio securities. </div> 0.98 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">Under normal circumstances, the Fund invests directly and indirectly at least 80% of its assets in equities of value companies (see “Name Policies”). The term “value company” means a company that (i) is included in the MSCI ACWI IMI Value Index or another independently maintained value index; or (ii) has financial and business characteristics that GMO determines, based on its proprietary value models, indicate the company’s shares are trading at more favorable prices than at least half of the Fund’s investable universe. 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&amp;P SmallCap 600 Index. As of May 31, 2026, the market capitalization of companies comprising the bottom decile of the MSCI US IMI Index by market capitalization ranged from approximately $75.6 million to $18.0 billion. As of May 31, 2026, the market capitalization for the companies comprising the S&amp;P SmallCap 600 Index ranged from approximately $200.2 million to $14.2 billion. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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”). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> The term “value company” means a company that (i) is included in the MSCI ACWI IMI Value Index or another independently maintained value index; or (ii) has financial and business characteristics that GMO determines, based on its proprietary value models, indicate the company’s shares are trading at more favorable prices than at least half of the Fund’s investable universe. Under normal circumstances, the Fund invests directly and indirectly at least 80% of its assets in equities of small-cap companies (see “Name Policies”). 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”). 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. <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities –</span> 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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk –</span> 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. </div> <div style=" margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk –</span> 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. </div> <div style=" margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk –</span> 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) </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Value Investing Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk –</span> 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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks –</span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="margin-top:9pt;height:681pt;margin-left:18pt;width:559pt;"> <div style=" float:left; margin-left:10pt; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-size:9.9pt;"> <span style="font-size:10pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. </span><span style="font-weight:bold;font-size:10pt;">Returns shown are those of Class VI shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span><span style="font-size:10pt;"> Class VI shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class VI shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </span></div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_smallcapvalue-bw.jpg]" src="bc_smallcapvalue-bw.jpg" style="height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 27.43% 4Q 2020<br/>Lowest Quarter: <span style="white-space:nowrap;">-38.07%</span> 1Q 2020<br/>Year-to-Date: 20.47% As of 6/30/2026</div> Highest Quarter: 0.2743 2020-12-31 Lowest Quarter: -0.3807 2020-03-31 Year-to-Date: 0.2047 2026-06-30 Average Annual Total Returns Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:6pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:137.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;">Class VI</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">7/2/2019</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">15.26</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">12.91</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.60</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">14.47</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">9.36</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.79</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">9.59</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.84</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.18</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">S&amp;P SmallCap 600 Value Index</span> (returns <br/>reflect no deduction for fees, expenses, <br/>or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">6.70</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.96</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">8.84</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">S&amp;P Composite 1500 Index</span> (returns <br/>reflect no deduction for fees, expenses, <br/>or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">17.02</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">13.96</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">15.01</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:1.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> 2019-07-02 0.1526 0.1291 0.116 0.1447 0.0936 0.0879 0.0959 0.0884 0.0818 (returns reflect no deduction for fees, expenses, or taxes) 0.067 0.0896 0.0884 0.1702 0.1396 0.1501 ​  GMO EMERGING COUNTRY DEBT FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return in excess of that of its benchmark, the J.P. Morgan EMBI Global Diversified. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-weight:bold;"> <span style="font-weight:normal;">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. </span>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. </div> <table style="width:559pt;height:36.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Purchase premium (as a percentage of amount invested) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.75pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">    0.75<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.75pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Redemption fee (as a percentage of amount redeemed) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.75pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">0.75<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.75pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 0.0075 -0.0075 Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:114.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.50<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.27<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Dividend and interest expense on short sales </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.08<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">All other expense </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.19<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.77<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.00<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.77<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:10pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style="font-size:6pt;">1</span> For additional information, see “Purchase Premiums and Redemption Fees” on page <a href="#tPPAR">139</a> of this Prospectus. </div> <div style="margin-top:4.96pt; text-align:justify; width:559pt; line-height:8.5pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Includes both management fee of 0.35% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; Co. LLC (“GMO”) has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. This waiver will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.97pt; text-align:justify; width:559pt; line-height:8.5pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class III shares of the Fund. 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. </div> 0.005 0 0.0027 0.0008 0.0019 0.0077 0 0.0077 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class III shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 with respect to ETF Class shares 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: </div> <table style="width:451pt;height:33pt;margin-left:54pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:87pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="26" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt; width:0pt;"> <div style="white-space:nowrap; text-align:center;">If you sell your shares </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="26" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt; width:0pt;"> <div style="white-space:nowrap; text-align:center;">If you do not sell your shares </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="padding:0pt 0pt 0.5pt 0pt; width:87pt;text-align:left;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">1 Year </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">3 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">5 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">10 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">1 Year </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">3 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">5 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">10 Years </span> </div> </td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:87pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">231 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">403 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">591 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:4.75pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1,135 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:4.75pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">153 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">319 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">500 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.75pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,022</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:6.75pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <table style="width:451pt;height:33pt;margin-left:54pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:87pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="26" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt; width:0pt;"> <div style="white-space:nowrap; text-align:center;">If you sell your shares </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="26" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt; width:0pt;"> <div style="white-space:nowrap; text-align:center;">If you do not sell your shares </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="padding:0pt 0pt 0.5pt 0pt; width:87pt;text-align:left;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">1 Year </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">3 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">5 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">10 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">1 Year </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">3 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">5 Years </span> </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td colspan="5" style="padding:2.25pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;"> <span style="border-bottom:1px solid #000000;padding-bottom:1.5pt;">10 Years </span> </div> </td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:87pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">231 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">403 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">591 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:4.75pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1,135 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:4.75pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">153 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">319 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">500 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.75pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,022</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:6.75pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 231 403 591 1135 153 319 500 1022 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 41% of the average value of its portfolio securities. </div> 0.41 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund seeks its investment objective by investing primarily in debt of emerging country sovereign, quasi-sovereign, and corporate issuers and in emerging country 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 </div> <div style="text-align:justify; width:559pt; line-height:12pt;">debt”) and non-local currency denominated debt (“hard currency debt”). Consistent with its hard currency benchmark, the Fund typically invests primarily in hard currency debt and only opportunistically in local currency debt. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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 quasi-sovereign and 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 opportunistic 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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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 country 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. 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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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 include 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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO normally seeks to maintain an interest rate duration for the Fund that is similar to that of its benchmark (approximately 6.3 years as of May 31, 2026). For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.” </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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”). 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. <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk –</span> 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 </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income – </span> 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk – </span> 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk – </span> 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk – </span> 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk – </span> 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk – </span> 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk – </span> 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk – </span> 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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk – </span> Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk – </span> 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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk – </span> 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 </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks – </span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the </div> <div style="margin-left:22pt; text-align:justify; width:537pt; line-height:12pt;">underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class III shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class III shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class III shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class III Shares Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_emergingcountrydebt-bw.jpg]" src="bc_emergingcountrydebt-bw.jpg" style="height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;"> Highest Quarter: 12.54% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-14.48%</span> 1Q 2020<br/>Year-to-Date: 9.45% As of 6/30/2026</div> Highest Quarter: 0.1254 2020-06-30 Lowest Quarter: -0.1448 2020-03-31 Year-to-Date: 0.0945 2026-06-30 Average Annual Total Returns Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:5.5pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:140.25pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:140.25pt;vertical-align:top;">Class III</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:justify;"> <div style="text-align:justify;">4/19/1994</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:140.25pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">20.51</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.83</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.96</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:3.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">12.24</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:140.25pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">17.50</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.08</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">3.47</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:3.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.44</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:140.25pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions and <br/>Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.07pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">12.10</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.66</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">3.73</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:3.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">7.58</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.42pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:140.25pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">J.P. Morgan EMBI Global Diversified +<span style=" position:relative; bottom:3.25pt;font-size:5pt;">1</span><br/><span style="font-weight:normal;">(Composite index) (Fund benchmark) </span></div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.07pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.07pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">14.30</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">1.78</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:2pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">4.26</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.06pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.06pt;">​</td> <td style="padding:0pt;padding-left:3.42pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">8.40</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.42pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> 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. </div> 1994-04-19 0.2051 0.0583 0.0696 0.1224 0.175 0.0208 0.0347 0.0744 0.121 0.0266 0.0373 0.0758 0.143 0.0178 0.0426 0.084 ​  GMO HIGH YIELD FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Total return in excess of that of its benchmark, the Markit iBoxx USD Liquid High Yield Index. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:6pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.50<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:0pt; width:6pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:0pt; width:6pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.30<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:0pt; width:6pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.80<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:0pt; width:6pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.44<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:0pt; width:6pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.36<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:11.755pt;width:0pt;">​</td> <td style="padding:0pt; width:6pt;">​</td> </tr> </table> <div style="margin-top:9.26pt; text-align:justify; width:559pt; line-height:8.5pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.35% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; 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 0.35% of the average daily net assets for ETF Class shares (the “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 the 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 Cap 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support 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 September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.74pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.005 0 0.003 0.008 -0.0044 0.0036 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">37 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">211 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">401 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">949</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 37 211 401 949 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 160% of the average value of its portfolio securities. </div> 1.60 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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&amp;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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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&amp;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. 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. <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk – </span>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. </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income – </span>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). </div> <div style=" margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk – </span>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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk – </span>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. </div> <div style=" margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk – </span>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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk – </span>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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk – </span>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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk – </span>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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk – </span>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk – </span> 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. </div> <div style=" margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk – </span>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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk – </span>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. </div> <div style=" margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk – </span>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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Futures Contracts Risk – </span>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. </div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks – </span>The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class VI shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class VI shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class VI shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_highyield-bw.jpg]" src="bc_highyield-bw.jpg" style="height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 7.50% 4Q 2023<br/>Lowest Quarter: <span style="white-space:nowrap;">-11.21%</span> 1Q 2020<br/>Year-to-Date: 1.97% As of 6/30/2026 </div> Highest Quarter: 0.075 2023-12-31 Lowest Quarter: -0.1121 2020-03-31 Year-to-Date: 0.0197 2026-06-30 Average Annual Total Returns Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:3pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:136.93pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;">Class VI</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">6/25/2018</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">9.39</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">5.19</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.93</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.98</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">1.54</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.71</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.55</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">2.33</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">3.12</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Markit iBoxx USD Liquid High Yield <br/> Index</span> (Fund benchmark) (returns reflect <br/>no deduction for fees, expenses, or <br/>taxes, but are net of withholding tax on <br/>dividend reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">8.83</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">4.34</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">5.07</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Bloomberg U.S. Aggregate Index</span> <br/>(reflects no deduction for fees, <br/>expenses, or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">7.30</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:12.75pt; text-align:right; white-space:nowrap;">-0.36</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">N/A</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">2.10</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> 2018-06-25 0.0939 0.0519 0.0593 0.0698 0.0154 0.0271 0.0555 0.0233 0.0312 0.0883 0.0434 0.0507 (reflects no deduction for fees, expenses, or taxes) 0.073 -0.0036 0.021 ​  GMO MULTI-ASSET CREDIT FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Total return and capital preservation. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:94.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:1.75pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.55<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.23<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Acquired fund fees and expenses (underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.37<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.15<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.54<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.61<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:9.07pt; text-align:justify; width:559pt; line-height:8.5pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.35% and class-specific service and supplemental support fee of 0.20% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; 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 0.57% of the average daily net assets for ETF Class shares (the “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 the 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 set forth above 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 Cap 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.92pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:4.92pt; text-align:justify; width:559pt; line-height:8.5pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Consists of approximately 036% in underlying fund fees and expenses and less than 0.01% in interest expense and borrowing costs for reverse repurchase agreements and/or margin on cleared swap contracts incurred by underlying funds. </div> 0.0055 0 0.0023 0.0037 0.0115 -0.0054 0.0061 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:300pt;height:20.5pt;margin-left:129.5pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:104pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:1.75pt 0pt 0.5pt 0pt; width:104pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">62 </td> <td style="padding:1.75pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">312 </td> <td style="padding:1.75pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">581 </td> <td style="padding:1.75pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">1,349</td> <td style="padding:1.75pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 62 312 581 1349 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 initial fiscal period from May 21, 2025 through February 28, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 42% 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 initial fiscal period from May 21, 2025 through February 28, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 18% of the average value of its portfolio securities. </div> 0.42 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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). </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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). 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. <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk – </span>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. </div> <div style=" margin-top:5.17pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income – </span>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. </div> <div style=" margin-top:5.17pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Asset-Backed Securities – </span>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. </div> <div style=" margin-top:5.17pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk – </span>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. </div> <div style=" margin-top:5.17pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk – </span>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. </div> <div style=" margin-top:5.17pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk – </span>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. </div> <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk – </span>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 </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:11.5pt;">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. </div> <div style=" margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk – </span>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. </div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk – </span>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. </div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk – </span>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk – </span>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. </div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk – </span>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. </div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk – </span>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. </div> <div style=" margin-top:4.69pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk – </span>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. </div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Futures Contracts Risk – </span>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. </div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk – </span>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. </div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks – </span>The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.98pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.98pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.99pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.99pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.99pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.99pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> 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. ​  GMO OPPORTUNISTIC INCOME FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Capital appreciation and current income. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.55<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.20<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.75<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.17<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.58<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:9.03pt; text-align:justify; width:559pt; line-height:8.5pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.40% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; 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. If the Fund has outstanding ETF Class shares, the reimbursement will be implemented at the share class level. “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, custody expenses and exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.96pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.0055 0 0.002 0.0075 -0.0017 0.0058 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:107pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:107pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">59</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:14.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">223 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">400 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">914</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:14pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 59 223 400 914 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 274% 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, 2026, excluding transactions in U.S. Treasury Fund and other short-term investments, was 277% of the average value of its portfolio securities. </div> 2.74 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 </div> <div style="text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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. <div style=" margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk</span> – 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. </div> <div style=" margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Asset-Backed Securities –</span> 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 </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:5.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk –</span> 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. </div> <div style=" margin-top:5.99pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk –</span> 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. </div> <div style=" margin-top:5.99pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income –</span> 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). </div> <div style=" margin-top:5.98pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk –</span> 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. </div> <div style=" margin-top:5.99pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Futures Contracts Risk –</span> 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. </div> <div style=" margin-top:5.99pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk –</span> 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. </div> <div style=" margin-top:5.99pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk –</span> 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. </div> <div style=" margin-top:5.99pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk –</span> 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. </div> <div style=" margin-top:5.98pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk –</span> 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk –</span> 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. </div> <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk –</span> 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. </div> <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk –</span> 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. </div> <div style=" margin-top:5.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk –</span> Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:5.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks –</span> The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="margin-top:9pt;height:681pt;margin-left:18pt;width:559pt;"> <div style=" float:left; margin-left:10pt; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class VI shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class VI shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class VI shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares1 Years Ending December 31 <div style="position:relative;margin-top:9pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_opportunisticinc-bw.jpg]" src="bc_opportunisticinc-bw.jpg" style="-sec-ix-hidden: hidden-fact-18; height: 157px; width: 339px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;"> Highest Quarter: 4.55% 2Q 2020<br/> Lowest Quarter: <span style="white-space:nowrap;">-4.05%</span> 1Q 2020<br/>Year-to-Date: 1.34% As of 6/30/2026</div> Highest Quarter: 0.0455 2020-06-30 Lowest Quarter: -0.0405 2020-03-31 Year-to-Date: 0.0134 2026-06-30 Average Annual Total Returns1,2 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:5.5pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:132.93pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:132.93pt;vertical-align:top;">Class VI</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">10/03/2011</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:132.93pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">6.47</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">4.02</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">4.28</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">4.64</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:132.93pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">4.33</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">2.08</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.49</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">3.01</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:132.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sales of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">3.80</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">2.24</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.52</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.94</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:132.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Bloomberg U.S. Securitized Index</span> <br/>(returns reflect no deduction for fees, <br/>expenses, or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">8.49</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">0.22</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.68</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.86</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:132.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Bloomberg U.S. Aggregate Index</span><br/>(returns reflect no deduction for fees, <br/>expenses, or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">7.30</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:12.75pt; text-align:right; white-space:nowrap;">-0.36</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">2.01</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">2.05</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:7.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="clear:both;font-size:0pt;">​</div> <div style="text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> The Fund is the accounting and performance successor to GMO Debt Opportunities Fund, a former series of GMO Trust (the “Predecessor Fund”). The Predecessor Fund merged into the Fund (which was known as “GMO Short-Duration Collateral Fund” prior to the merger) on February 12, 2014. Performance of the Fund for periods prior to February 12, 2014 is that of the Predecessor Fund and reflects the Predecessor Fund’s annual operating expenses (0.01% lower than those of the Fund immediately following the merger). From February 12, 2014 through December 31, 2016, the Fund operated as “GMO Debt Opportunities Fund” and had the same investment objective and pursued substantially identical investment strategies as the Predecessor Fund. Effective January 1, 2017, the Fund’s investment objective changed from “positive total return” to “capital appreciation and current income” and, in conjunction with a change in the Fund’s name from “GMO Debt Opportunities Fund” to “GMO Opportunistic Income Fund,” the Fund eliminated its name policy that required the Fund to invest at least 80% of its assets in debt investments. Also effective January 1, 2017, the Fund’s investment management fee increased from 0.25% to 0.40% of the Fund’s average daily net assets. Performance of the Fund for periods prior to January 1, 2017 reflects the Fund’s annual operating expenses during those periods, and would have been lower if the current management fee were in effect. </div> <div style="margin-top:5pt; text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> On December 21, 2015, GMO changed the primary pricing source for certain fixed income asset-backed securities held by the Fund, which resulted in an increase of  $0.04 to the December 21, 2015 net asset value of Class VI shares of the Fund. </div> 2011-10-03 0.0647 0.0402 0.0428 0.0464 0.0433 0.0208 0.0249 0.0301 0.038 0.0224 0.0252 0.0294 (returns reflect no deduction for fees, expenses, or taxes) 0.0849 0.0022 0.0168 0.0186 0.073 -0.0036 0.0201 0.0205 ​  GMO ALTERNATIVE ALLOCATION FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Positive total return. </div> Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:114.5pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.95<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">2.22<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Dividend and interest expense on short sales </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.91<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">3</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">All other expense </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.31<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">3.17<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.27<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">2.90<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:9.31pt; text-align:justify; width:559pt; line-height:8.5pt;font-style:italic;font-size:8pt;"><span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Includes both management fee of 0.73% and class-specific service and supplemental support fee of 0.22% for ETF Class shares. Grantham, Mayo, Van Otterloo &amp; 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 0.99% of the average daily net assets for ETF Class shares (the “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 the 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 set forth above 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 Cap 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support 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 September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.69pt; text-align:justify; width:559pt; line-height:7pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> <div style="margin-top:4.68pt; text-align:justify; width:559pt; line-height:8.5pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">3</span> “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 GMO. Any interest expense amount or dividends paid on securities sold short will vary based on the extent of Fund’s use of those investments. Because ETF Class shares of the Fund are new, “Dividend and interest expense on short sales” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Excluding interest expense and dividends paid on borrowed securities, the total annual fund operating expenses for ETF Class shares of the Fund would be lower by 1.91%. </div> 0.0095 0 0.0222 0.0191 0.0031 0.0317 -0.0027 0.029 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:123pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">293</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">952 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:10pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:6.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1,636 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:6.25pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">3,457</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:8.25pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 293 952 1636 3457 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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, 2026, 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 764% 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, 2026 (including the accounts of GMO Alternative Allocation SPC Ltd., and excluding transactions in U.S. Treasury Fund and other short-term investments) was 789% of the average value of its portfolio securities. </div> 7.64 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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: </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;"> <span style="font-weight:bold;">Value:   </span>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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;"> <span style="font-weight:bold;">Quality:   </span>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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;"> <span style="font-weight:bold;">Carry:   </span>“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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;"> <span style="font-weight:bold;">Momentum:   </span>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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;"> <span style="font-weight:bold;">Volatility:   </span>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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;"> <span style="font-weight:bold;">Trend:   </span>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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;"> <span style="font-weight:bold;">Event-Driven:   </span>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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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). </div> <div style="text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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. <div style=" margin-top:5.02pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk</span> – The Fund runs the risk that GMO’s investment techniques will fail to produce intended results, including the annualized returns and volatility referenced above. 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. </div> <div style=" margin-top:5.02pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Leveraging Risk</span> – 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. </div> <div style=" margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Derivatives and Short Sales Risk</span> – 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. </div> <div style=" margin-top:5.02pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Equities</span> – 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. </div> <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income</span> – 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). </div> <div style=" margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk – </span>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 </div> <div style="margin-left:12pt; text-align:justify; width:547pt; line-height:12pt;">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. </div> <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk</span> – 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. </div> <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Futures Contracts Risk</span> – 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. </div> <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Non-U.S. Investment Risk</span> – 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. </div> <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Event-Driven Risk</span> – 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. </div> <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Fund of Funds Risk</span> – 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. </div> <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Currency Risk</span> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <div style=" margin-top:5.2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Commodities Risk</span> – 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. </div> <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk</span> – 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. </div> <div style=" line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Focused Investment Risk</span> – 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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Illiquidity Risk</span> – 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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk</span> – 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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Smaller Company Risk</span> – 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. </div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks</span> – The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the </div> <div style="margin-left:22pt; text-align:justify; width:537pt; line-height:12pt;">underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class VI shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class VI shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class VI shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares1 Years Ending December 31 <div style="position:relative;margin-top:3pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_alternativeallocat-bw.jpg]" src="bc_alternativeallocat-bw.jpg" style="-sec-ix-hidden: hidden-fact-19; height: 157px; width: 341px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 7.38% 4Q 2025<br/>Lowest Quarter: <span style="white-space:nowrap;">-6.99%</span> 1Q 2020<br/>Year-to-Date: 0.55% As of 6/30/2026</div> Highest Quarter: 0.0738 2025-12-31 Lowest Quarter: -0.0699 2020-03-31 Year-to-Date: 0.0055 2026-06-30 Average Annual Total Returns1 Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:7pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:137.82pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;">Class VI</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">5/1/2019</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">15.16</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">3.19</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;"> <div style="-sec-ix-hidden: hidden-fact-3">N/A</div></td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.76</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">11.69</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">1.69</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;"> <div style="-sec-ix-hidden: hidden-fact-4">N/A</div></td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.35</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">9.39</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">1.95</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;"> <div style="-sec-ix-hidden: hidden-fact-5">N/A</div></td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.62</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">FTSE 3-Month Treasury Bill Index</span> <br/>(returns reflect no deduction for fees or <br/>expenses, but are net of withholding tax <br/>on dividend reinvestments) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:13.5pt; text-align:right; white-space:nowrap;">4.40</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">3.31</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;"> <div style="-sec-ix-hidden: hidden-fact-6">N/A</div></td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.78</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:137.82pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Bloomberg U.S. Aggregate Index</span> <br/>(reflects no deduction for fees, expenses, <br/>or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:13.5pt; text-align:right; white-space:nowrap;">7.30</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:12.75pt; text-align:right; white-space:nowrap;">-0.36</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;"> <div style="-sec-ix-hidden: hidden-fact-7">N/A</div></td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:7.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">1.64</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:3.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> <div style="clear:both;font-size:0pt;">​</div> <div style="text-align:justify; width:559pt; line-height:9pt;font-style:italic;font-size:8pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> The performance information (before and after taxes) for all periods prior to January 31, 2025 was achieved prior to the change in the Fund’s principal investment strategies, effective January 31, 2025.</div> 2019-05-01 0.1516 0.0319 0.0276 0.1169 0.0169 0.0135 0.0939 0.0195 0.0162 (returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments) 0.044 0.0331 0.0278 0.073 -0.0036 0.0164 ​  GMO U.S. TREASURY FUND   ​ Investment objective <div style="margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Liquidity and safety of principal </div> with current income as a secondary objective. Fees and expenses <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. <span style="font-weight:bold;">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.</span> </div> Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment) <table style="width:559pt;height:88.5pt;margin-top:3pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="border-bottom:0.5pt solid #000000;padding:0pt 0pt 1.5pt 0pt; width:489pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:4pt;">​</td> <td colspan="4" style="border-bottom:0.5pt solid #000000;padding:2.5pt 0pt 1.5pt 0pt;text-align:center;"> <div style="white-space:nowrap; text-align:center;">ETF Class </div> </td> <td style="padding:0pt;border-bottom:0.5pt solid #000000; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Management fee </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.08<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Distribution and/or Service (12b-1) fees </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Other expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.20<span style="position:absolute;">%<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">2</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.28<span style="position:absolute;">% </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:18pt;">Expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.19<span style="position:absolute;">%)<span style=" position:relative; bottom:4.25pt;font-size:6.5pt;">1</span> </span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.5pt 0pt 0.5pt 0pt; width:489pt;"> <div style="margin-left:6pt;">Total annual fund operating expenses after expense reimbursement/waiver </div> </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">​</td> <td style="padding:2.5pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.09<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:14.755pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> <div style="margin-top:9.39pt; text-align:justify; width:559pt; line-height:8.5pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">1</span> Grantham, Mayo, Van Otterloo &amp; Co. LLC (“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, custody expenses and exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees to the extent necessary to offset the management fees paid to GMO that are directly or indirectly borne by 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 will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. </div> <div style="margin-top:4.41pt; text-align:justify; width:559pt; line-height:7pt;"> <span style=" position:relative; bottom:3.25pt;font-size:6pt;">2</span> Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. </div> 0.0008 0 0.002 0.0028 -0.0019 0.0009 2027-09-30 Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Example <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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 sell 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 with respect to ETF Class shares 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: </div> <table style="width:319pt;height:21.5pt;margin-left:120pt;margin-top:9pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:107pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">3 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4pt;">​</td> <td colspan="5" style="border-bottom:1px solid #000000;padding:2.5pt 0pt 1.5pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">​</td> </tr> <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:107pt;text-align:left;">ETF Class </td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:17pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">9 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:17pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14.5pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">71 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:14.5pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">138 </td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:12pt;width:0pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt; width:4pt;">​</td> <td style="padding:0pt;padding-left:14pt;width:0pt;">​</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">337</td> <td style="padding:2.25pt 0pt 0.5pt 0pt; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:14pt;width:0pt;">​</td> <td style="padding:0pt; width:0pt;">​</td> </tr> </table> 9 71 138 337 Portfolio turnover <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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, 2026, the Fund’s portfolio turnover rate (excluding short-term investments) was 0% of the average value of its portfolio securities. </div> 0 Principal investment strategies <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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.” </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-style:normal;font-size:10pt;">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. </div> <div style="text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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. </div> <div style="margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund’s ETF Class operates as an actively managed exchange-traded fund (“ETF”). </div> 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. 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. <div style=" margin-top:5.07pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Risk – Fixed Income</span> – 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). </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Credit Risk</span> – 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. </div> <div style=" margin-top:5.07pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Large Transactions Risk</span> – 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 w 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Management and Operational Risk</span> – 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Market Disruption and Geopolitical Risk</span> – 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">Counterparty Risk</span> – 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. </div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <span style="font-style:italic;">ETF Risks</span> – The Fund’s ETF Class operates as an ETF and, as a result of this structure, ETF Class shares are exposed to the following risks: </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.06pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.06pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Costs of Buying or Selling Shares Risk</span>.   Due to the costs of buying or selling the Fund’s ETF Class shares, including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent trading of ETF Class shares may significantly reduce investment results and an investment in ETF Class shares may not be advisable for investors who anticipate regularly making small investments. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5.05pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Limited Authorized Participants, Market Makers and Liquidity Providers Risk</span>.   Because the Fund’s ETF Class operates as an ETF, typically only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares ETF Class shares directly from the Fund. Retail investors cannot transact in ETF Class shares directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in ETF Class shares, there may be demand for ETF Class shares, thereby increasing the market price above net asset value (“NAV”), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations, ETF Class shares may trade at a material premium or discount to their NAV or these factors may, in turn, lead to wider spreads between the </div> <div style="margin-top:9pt;height:681pt;margin-left:18pt;width:559pt;"> <div style="margin-left:22pt; text-align:justify; width:537pt; line-height:12pt;">bid and ask price of ETF Class shares. In addition, the ETF Class shares may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Trading Risk</span>.   The Fund’s ETF Class shares may trade on the NYSE Arca, Inc. (the “Exchange”) above (premium) or below (discount) their NAV. In stressed market conditions, the market for ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the ETF Class shares and the value of the Fund’s underlying holdings attributable to ETF Class shares. This can be reflected as a spread between the bid and ask prices for the ETF Class shares quoted during the day or a premium or discount in the closing price from their NAV. In addition, although the Fund’s ETF Class shares are currently listed on the Exchange, there can be no assurance that an active trading market for ETF Class shares will develop or be maintained. Trading in ETF Class shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in ETF Class shares of the Fund inadvisable. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">Cash Transactions Risk</span>.   The Fund may effect some of its creations and redemptions of ETF Class shares for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize ordinary income, or a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s ETF Class shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to their NAV. In effecting creations and redemptions in ETF Class shares in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to the extent the costs are not offset by a transaction fee payable by an Authorized Participant. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> <div style=" float:left; margin-left:10pt; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <div style=" margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:22pt;"> <span style="font-style:italic;">National Closed Market Trading Risk</span>.   To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s ETF Class shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the NAV of the Fund’s ETF Class shares that may be greater than those experienced by other ETFs. </div> <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">​</div> </div> Performance <div style="text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;font-size:10pt;">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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. <span style="font-weight:bold;">Returns shown are those of Class VI shares of the Fund, a mutual fund class of shares of the Fund not offered in this Prospectus, and have not been adjusted to reflect the fees and expenses attributable to ETF Class shares.</span> Class VI shares would have substantially similar annual returns to ETF Class shares because the shares are invested in the same portfolio of securities, and the annual returns at NAV (assuming ETF Class shares are bought and sold without any premium or discount) would differ only to the extent that Class VI shares do not have the same expenses as ETF Class shares. 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 https://www.gmo.com/americas/investment-capabilities/etfs/. Past performance (before and after taxes) is not an indication of future performance. </div> 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. The Fund’s ETF Class shares are a new class and, as of the date of this Prospectus, had not commenced operations. 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. https://www.gmo.com/americas/investment-capabilities/etfs/ Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns/Class VI Shares Years Ending December 31 <div style="position:relative;margin-top:9pt; text-align:center; width:272.5pt;"> <img alt="[MISSING IMAGE: bc_ustreasury-bw.jpg]" src="bc_ustreasury-bw.jpg" style="height: 157px; width: 332px;"/> </div> <div style="margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 1.49% 2Q 2023<br/>Lowest Quarter: <span style="white-space:nowrap;">-0.31%</span> 1Q 2022<br/>Year-to-Date: 1.60% As of 6/30/2026</div> Highest Quarter: 0.0149 2023-06-30 Lowest Quarter: -0.0031 2022-03-31 Year-to-Date: 0.016 2026-06-30 Average Annual Total Returns Periods Ending December 31, 2025 <table style="width:272.5pt;margin-top:5.5pt;border-collapse: collapse;border:0.75pt solid #000000; font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:0pt 0pt 0.5pt 0pt; width:136.93pt;text-align:left;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 Year </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 Years </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;"> <div style="white-space:nowrap; text-align:center;">Incept. </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;">Class VI</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td colspan="5" style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt;text-align:center;"> <div style="text-align:center;">3/17/2009</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="font-weight:bold;">Return Before Taxes</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">4.44</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">3.17</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.26</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.39</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="font-weight:bold;">Return After Taxes on Distributions</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.69</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">1.82</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.33</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">0.82</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;font-weight:bold;">Return After Taxes on Distributions <br/>and Sale of Fund Shares</div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.61</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">1.84</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.33</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">0.82</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">FTSE 3-Month Treasury Bill Index</span> <br/>(returns reflect no deduction for fees, <br/>expenses, or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">4.40</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:12.75pt; text-align:right; white-space:nowrap;">3.31</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">2.23</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; min-width:10.5pt; text-align:right; white-space:nowrap;">1.35</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;"> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="border-bottom:0.75pt solid #000000; ;padding:3.5pt 0pt 3.25pt 0pt; width:136.93pt;vertical-align:top;"> <div style="margin-left:6pt; text-indent:-6pt;"> <span style="font-weight:bold;">Bloomberg U.S. Aggregate Index</span> <br/>(reflects no deduction for fees, <br/>expenses, or taxes) </div> </td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">7.30</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.445pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:12.75pt; text-align:right; white-space:nowrap;">-0.36</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:0.67pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">2.01</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">% </td> <td style="padding:0pt;padding-left:4pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2.75pt;">​</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:0pt; text-align:right; ">​</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; min-width:10.5pt; text-align:right; white-space:nowrap;">2.98</td> <td style="padding:3.5pt 0pt 3.25pt 0pt;border-bottom:0.75pt solid #000000; ; width:0.01pt; text-align:left; ">%</td> <td style="padding:0pt;padding-left:5.895pt;width:0pt;border-bottom:0.75pt solid #000000; ;">​</td> <td style="padding:0pt;border-bottom:0.75pt solid #000000; ; width:2pt;">​</td> <td style="width:0pt;padding:0pt;font-size:0pt;line-height:0pt;">​</td> </tr> </table> 2009-03-17 0.0444 0.0317 0.0226 0.0139 0.0269 0.0182 0.0133 0.0082 0.0261 0.0184 0.0133 0.0082 (returns reflect no deduction for fees, expenses, or taxes) 0.044 0.0331 0.0223 0.0135 0.073 -0.0036 0.0201 0.0298 0.0340 0.1304 -0.0535 0.1162 -0.0249 0.0296 -0.0226 0.1340 0.0427 0.2287 0.0564 0.1573 -0.0726 0.1769 0.0614 0.0703 -0.1268 0.1614 0.0513 0.2341 0.1636 0.3205 -0.1282 0.2214 0.0553 0.0203 -0.3160 0.1767 0.0340 0.3382 -0.3243 0.2706 0.0021 0.3185 0.0679 0.2564 -0.1302 0.2656 0.1051 0.1851 -0.1404 0.2244 0.1098 0.2839 0.0797 0.2639 -0.1312 0.2582 0.0952 0.1498 -0.1701 0.2224 0.0951 0.2916 0.0325 0.2638 -0.1973 0.2443 0.0740 0.1113 -0.1239 0.2098 0.1064 0.4373 0.0652 0.2780 -0.1781 0.2381 0.0697 0.0796 -0.1890 0.2023 0.0840 0.4090 0.0171 0.2573 -0.2055 0.2452 0.0746 0.1214 -0.1043 0.2049 0.1298 0.4400 0.0972 0.2906 0.0046 0.3169 0.1846 0.2620 -0.1522 0.3001 0.1892 0.1969 0.1358 0.1846 -0.0978 0.2857 0.1369 0.3213 -0.1244 0.2188 0.2092 0.2222 0.0239 0.3573 -0.1401 0.2273 0.1116 0.1526 0.1386 0.1248 -0.0591 0.1428 0.0723 -0.0129 -0.1632 0.1764 0.1336 0.2234 0.1433 0.0547 0.0499 -0.0803 0.1295 0.0793 0.0939 0.0514 0.0641 0.0402 0.0383 0.0333 0.0283 -0.0208 0.0708 0.0611 0.0647 -0.0027 -0.0512 0.0362 0.0606 -0.0256 0.1516 0.0053 0.0086 0.0195 0.0219 0.0129 0.0000 0.0079 0.0557 0.0517 0.0444 <p><span>1 </span>Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 2.45% to 2024 annual performance.</p> <p>2 Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 0.95% (1-day performance impact).</p> <div class="icSection taggedSection" title="Performance Information">1. Returns include a substantial, one-time litigation settlement recovery received on December&#xa0;16, 2024. This event contributed 0.80% to 2024 annual performance.</div> <div class="icSection taggedSection" title="Performance Information">&#xa0;</div> <div class="icSection taggedSection" title="Performance Information">2. Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 2.08% (1-day performance impact).</div> <p><span>1.</span> Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 10.07% (1-day performance impact).</p> <p>1 Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 9.55% (1-day performance impact).</p> <p>1 Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 1.42% to 2024 annual performance.</p> <p>2 Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 0.37% (1-day performance impact).</p> <p>1 Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 1.28% to 2024 annual performance.</p> <p>2 Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 3.03% (1-day performance impact).</p> <p><span>1. Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 3.75% to 2024 annual performance.</span></p> <div class="icSection taggedSection" title="Performance Information">1. Returns include a substantial, one-time litigation settlement recovery received on December&#xa0;16, 2024. This event contributed 2.51% to 2024 annual performance.</div> <div class="icSection taggedSection" title="Performance Information">&#xa0;</div> <div class="icSection taggedSection" title="Performance Information">2. Returns include a substantial, one-time performance impact from the sale of Russian securities on May 5, 2026. The one-time sale of these securities contributed 6.60% (1-day performance impact).</div> <p><span>1.&#xa0;Returns include a substantial, one-time litigation settlement recovery received on December&#xa0;16, 2024. This event contributed 5.25% to 2024 annual performance.</span></p> <p>The Fund is the successor to GMO U.S. Core Fund, a former series of GMO Trust that had an investment objective and investment policies and restrictions substantially identical to those of the Fund. Performance of the Fund through September 16, 2005 is that of GMO U.S. Core Fund and reflects GMO U.S. Core Fund&#x2019;s annual operating expenses (0.02% higher than those of the Fund).</p> <p>1. The Fund is the accounting and performance successor to GMO Debt Opportunities Fund, a former series of GMO Trust (the &#x201c;Predecessor Fund&#x201d;). The Predecessor Fund merged into the Fund (which was known as &#x201c;GMO Short-Duration Collateral Fund&#x201d; prior to the merger) on February 12, 2014. Performance of the Fund for periods prior to February 12, 2014 is that of the Predecessor Fund and reflects the Predecessor Fund&#x2019;s annual operating expenses (0.01% lower than those of the Fund immediately following the merger). From February 12, 2014 through December 31, 2016, the Fund operated as &#x201c;GMO Debt Opportunities Fund&#x201d; and had the same investment objective and pursued substantially identical investment strategies as the Predecessor Fund. Effective January 1, 2017, the Fund&#x2019;s investment objective changed from &#x201c;positive total return&#x201d; to &#x201c;capital appreciation and current income&#x201d; and, in conjunction with a change in the Fund&#x2019;s name from &#x201c;GMO Debt Opportunities Fund&#x201d; to &#x201c;GMO Opportunistic Income Fund,&#x201d; the Fund eliminated its name policy that required the Fund to invest at least 80% of its assets in debt investments. Also effective January 1, 2017, the Fund&#x2019;s investment management fee increased from 0.25% to 0.40% of the Fund&#x2019;s average daily net assets. Performance of the Fund for periods prior to January 1, 2017 reflects the Fund&#x2019;s annual operating expenses during those periods, and would have been lower if the current management fee were in effect.</p> <p>1. The performance information (before and after taxes) for all periods prior to January 31, 2025 was achieved prior to the change in the Fund&#x2019;s principal investment strategies, effective January 31, 2025.</p> 485BPOS 0000772129 false Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Consists of approximately 0.16% in underlying fund fees and expenses, 0.13% in interest expense and borrowing costs for investments sold short incurred by underlying funds, 0.37% in dividend expenses on short sales incurred by underlying funds and 0.02% in purchase premiums and redemption fees paid to underlying funds. Includes both management fee of 0.65% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo & Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. GMO also has contractually agreed to waive or reduce, through at least September 30, 2027, the Fund’s management and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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”). Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. The returns shown for periods prior to January 1, 2012 are for Class III shares of the Fund under the Fund’s prior fee arrangement. Under the Fund’s current fee arrangement, the returns for periods prior to January 1, 2012 would have been lower. 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. Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 2.45% to 2024 annual performance. Includes both management fee and class-specific service and supplemental support fee, if any. Grantham, Mayo, Van Otterloo & Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Consists of approximately 0.55% in underlying fund fees and expenses, 0.06% in interest expenses and borrowing costs for investments sold short incurred by underlying funds, 0.20% in dividend expenses on short sales incurred by underlying funds, and 0.02% in purchase premiums and redemption fees paid to underlying funds. The Fund commenced operations on June 28, 1996 with two classes of shares – (i) a class that has since terminated (the “Legacy Class”) and (ii) Class II shares. No Class II shares were outstanding as of October 16, 1996. Class III shares were first issued on October 22, 1996. Legacy Class shares converted to Class III shares on January 9, 1998. Class III performance information presented in the table represents Class II performance from June 28, 1996 to October 16, 1996, Legacy Class performance from October 16, 1996 to October 21, 1996, and Class III performance thereafter. The performance information (before and after taxes) for all periods prior to June 30, 2002 was achieved prior to the change in the Fund’s principal investment strategies, effective June 30, 2002. This benchmark provides a performance comparison that tracks changes in the Fund’s benchmark over time. See “Fund Benchmarks and Comparative Indices” for the time periods covered by each index included in the composite benchmark. Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 0.80% to 2024 annual performance. 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 0.65% and class-specific service and supplemental support fee of 0.22% for ETF Class shares. Grantham, Mayo, Van Otterloo & Co. LLC (“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 exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. In addition, GMO has contractually agreed to waive the service and supplemental support fees charged to each class of shares of the Fund to the extent necessary to prevent the service and supplemental support fees paid by the class from exceeding the following amounts of the class’s average daily net assets: 0.20% for ETF Class shares. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. 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 service and supplemental support fee of 0.22% for ETF Class shares. 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 0.85% of the average daily net assets for ETF Class shares (the “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 the 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 Cap 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. 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 and class-specific service and supplemental support fee, if any. Grantham, Mayo, Van Otterloo & Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 1.42% to 2024 annual performance. 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. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Includes both management fee and class-specific service and supplemental support fee, if any. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Grantham, Mayo, Van Otterloo & Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 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. The composite index provides a performance comparison that tracks changes in the Fund’s benchmark over time. See “Fund Benchmarks and Comparative Indices” for the time periods covered by each index included in the composite index. Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 1.28% to 2024 annual performance. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Grantham, Mayo, Van Otterloo & Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 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 service and supplemental support fee, if any. 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. Effective June 20, 2026, the Fund changed its benchmark from the MSCI EAFE Index to the MSCI World ex USA Index because GMO believes that the MSCI World ex USA Index is more appropriate in light of the Fund’s investment strategy. Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 3.75% to 2024 annual performance. Grantham, Mayo, Van Otterloo & Co. LLC (“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, custody expenses and exchange listing fees. This reimbursement will continue through at least September 30, 2027 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 service and supplemental support fee, if any. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. 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. Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 2.51% to 2024 annual performance. Includes both management fee of 0.50% and class-specific service and supplemental support fee of 0.22% for ETF Class shares. 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. If the Fund has outstanding ETF Class shares, the reimbursement will be implemented at the share class level. “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, custody expenses and exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. 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. Returns include a substantial, one-time litigation settlement recovery received on December 16, 2024. This event contributed 5.25% to 2024 annual performance. Effective June 20, 2026, the Fund changed its benchmark from the MSCI EAFE Index to the MSCI World ex USA Index because GMO believes that the MSCI World ex USA Index is more appropriate in light of the Fund’s investment strategy. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Includes both management fee of 0.33% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. 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 0.50% of the average daily net assets for ETF Class shares (the “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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Includes both management fee of 0.31% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. 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. If the Fund has outstanding ETF Class shares, the reimbursement will be implemented at the share class level. “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, custody expenses and exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. The Fund is the successor to GMO U.S. Core Fund, a former series of GMO Trust that had an investment objective and investment policies and restrictions substantially identical to those of the Fund. Performance of the Fund through September 16, 2005 is that of GMO U.S. Core Fund and reflects GMO U.S. Core Fund’s annual operating expenses (0.02% higher than those of the Fund). Includes both management fee of 0.31% and class-specific service and supplemental support fee and 0.15% for ETF Class shares. 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 0.10% of the Fund’s average daily net assets. If the Fund has outstanding ETF Class shares, the reimbursement will be implemented at the share class level. “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, custody expenses and exchange listing fees. GMO is permitted to recover from the Fund, on a class-by-class basis, “Specified Operating Expenses” it has borne or reimbursed (whether through reduction of its fees or otherwise) to the extent that the Fund’s “Specified Operating Expenses” later fall below the annualized rate of 0.10% per year 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 annual limitation rate set forth above or any lower expense limit 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class III shares of the Fund. 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. Includes both management fee of 0.35% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. This waiver will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. 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 0.35% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. 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 0.35% of the average daily net assets for ETF Class shares (the “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 the 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 Cap 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support 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 September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Includes both management fee of 0.35% and class-specific service and supplemental support fee of 0.20% for ETF Class shares. 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 0.57% of the average daily net assets for ETF Class shares (the “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 the 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 set forth above 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 Cap 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Because ETF Class shares of the Fund are new, “Acquired fund fees and expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Consists of approximately 036% in underlying fund fees and expenses and less than 0.01% in interest expense and borrowing costs for reverse repurchase agreements and/or margin on cleared swap contracts incurred by underlying funds. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Includes both management fee of 0.40% and class-specific service and supplemental support fee of 0.15% for ETF Class shares. 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. If the Fund has outstanding ETF Class shares, the reimbursement will be implemented at the share class level. “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, custody expenses and exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees and service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support fees will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. On December 21, 2015, GMO changed the primary pricing source for certain fixed income asset-backed securities held by the Fund, which resulted in an increase of  $0.04 to the December 21, 2015 net asset value of Class VI shares of the Fund. The Fund is the accounting and performance successor to GMO Debt Opportunities Fund, a former series of GMO Trust (the “Predecessor Fund”). The Predecessor Fund merged into the Fund (which was known as “GMO Short-Duration Collateral Fund” prior to the merger) on February 12, 2014. Performance of the Fund for periods prior to February 12, 2014 is that of the Predecessor Fund and reflects the Predecessor Fund’s annual operating expenses (0.01% lower than those of the Fund immediately following the merger). From February 12, 2014 through December 31, 2016, the Fund operated as “GMO Debt Opportunities Fund” and had the same investment objective and pursued substantially identical investment strategies as the Predecessor Fund. Effective January 1, 2017, the Fund’s investment objective changed from “positive total return” to “capital appreciation and current income” and, in conjunction with a change in the Fund’s name from “GMO Debt Opportunities Fund” to “GMO Opportunistic Income Fund,” the Fund eliminated its name policy that required the Fund to invest at least 80% of its assets in debt investments. Also effective January 1, 2017, the Fund’s investment management fee increased from 0.25% to 0.40% of the Fund’s average daily net assets. Performance of the Fund for periods prior to January 1, 2017 reflects the Fund’s annual operating expenses during those periods, and would have been lower if the current management fee were in effect. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. “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 GMO. Any interest expense amount or dividends paid on securities sold short will vary based on the extent of Fund’s use of those investments. Because ETF Class shares of the Fund are new, “Dividend and interest expense on short sales” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund. Excluding interest expense and dividends paid on borrowed securities, the total annual fund operating expenses for ETF Class shares of the Fund would be lower by 1.91%. Includes both management fee of 0.73% and class-specific service and supplemental support fee of 0.22% for ETF Class shares. 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 0.99% of the average daily net assets for ETF Class shares (the “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 the 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 set forth above 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 Cap 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 service and supplemental support fees to the extent necessary to offset the management fees and service and supplemental support 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 service and supplemental support 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 September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. The performance information (before and after taxes) for all periods prior to January 31, 2025 was achieved prior to the change in the Fund’s principal investment strategies, effective January 31, 2025. Grantham, Mayo, Van Otterloo & Co. LLC (“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, custody expenses and exchange listing fees. GMO also has contractually agreed to waive or reduce the Fund’s management fees to the extent necessary to offset the management fees paid to GMO that are directly or indirectly borne by 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 will not be waived below zero. These reimbursements and waivers will continue through at least September 30, 2027 and may not be terminated prior to this date without the action or consent of the Trust’s Board of Trustees. Because ETF Class shares of the Fund are new, “Other expenses” are estimated amounts for the current fiscal year based on the expenses of Class R6 shares of the Fund.