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Global Equity Allocation Fund

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Global Developed Equity Allocation Fund

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International Equity Allocation Fund

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International Developed Equity Allocation Fund

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International Equity Fund

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International Opportunistic Value Fund

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International Value ETF

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International Quality ETF

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Quality Fund

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Quality Cyclicals Fund

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Resource Transition Fund

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Resources Fund

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Small Cap Quality Fund

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U.S. Equity Fund

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U.S. Opportunistic Value Fund

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U.S. Value ETF

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Commentary & Attribution

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U.S. Quality ETF

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U.S. Small Cap Value Fund

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Commentary & Attribution

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Usonian Japan Value Creation Fund

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Disclosures

An investor should consider the fund’s investment objectives, risks, charges and expenses before investing. This and other important information can be found in the fund’s prospectus. Read the prospectus carefully before investing. See prospectus above.

The GMO Trust funds are distributed in the United States by Funds Distributor LLC. GMO and Funds Distributor LLC are not affiliated.