Small Cap Quality Fund

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Management

Tom Hancock

Head of Focused Equity, Portfolio Manager

Dr. Hancock is the Head of GMO’s Focused Equity team and a portfolio manager for GMO’s Quality Strategies. Dr. Hancock is a partner of the firm. Previously at GMO, he was Co-Head of the Global Equity team. Prior to joining GMO in 1995, he was a research scientist at Siemens and a software engineer at IBM. Dr. Hancock holds BS and MS degrees from Rensselaer Polytechnic Institute and a PhD in Computer Science from Harvard University.

Hassan Chowdhry

Focused Equity

Mr. Chowdhry is engaged in portfolio management and research within GMO’s Focused Equity team. Previously at GMO, he was a member of the Global Equity team focusing on the Quality Strategy. Prior to joining GMO in 2007, he held analyst positions at Batterymarch Financial Management and Putnam Lovell NBF. Mr. Chowdhry earned his BS in Economics and BAS in Systems Engineering from the University of Pennsylvania, his MPA from Harvard University, and his MBA from the Massachusetts Institute of Technology.

James Mendelson

Focused Equity

Mr. Mendelson is engaged in portfolio management and research within GMO’s Focused Equity Team. Prior to rejoining GMO in 2019, he worked at D.E. Shaw & Co. as an analyst. He previously worked on GMO’s Global Equity team from 2013 to 2015. Mr. Mendelson earned his bachelor's degree in Applied Mathematics from Yale University.

Overview

The GMO Small Cap Quality Fund seeks to generate total return by investing primarily in equities of U.S. small cap companies that the Focused Equity team believes to be of high quality.

The team believes that companies with established track records of historical profitability and strong fundamentals – high quality companies – are able to outgrow the average company over time and are therefore worth a premium price. The Fund’s disciplined approach uses both quantitative and fundamental techniques to assess the relative quality and valuation of U.S. small cap companies and aims to exploit a long-term investment horizon while withstanding short-term volatility.

Facts

Doc Table
Fund Inception Date	September 20, 2022
CUSIP	36256V494
Fund Total Assets as of 10/31/2024	$405mm USD

Share Class III

Inception Date	November 15, 2022
Ticker Symbol	GMAWX
CUSIP	36256V536
NAV as of 11/20/2024	26.13
Net Expense Ratio ¹	0.75
Gross Expense Ratio ²	0.96

¹ Net Expense Ratio reflects the reduction of expenses from fee reimbursements. The fee reimbursements will continue until at least June 30, 2025. Elimination of this reimbursement will result in higher fees and lower performance.

² Gross Expense Ratio is equal to the Funds Total Annual Operating Expenses set forth in the Funds most recent prospectus dated June 30, 2024.

Performance

Table Caption
	1-Year	ITD
Small Cap Quality Fund	23.58	20.33
S&P 600	25.86	9.85

Inception Date: November 15, 2022

Returns shown for periods greater than one year are on an annualized basis.

If certain expenses were not reimbursed, performance would be lower. Transaction costs, if any, are paid to the fund to offset the cost of portfolio transactions to invest or raise cash.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Table Caption
	QTD	YTD	1-Year	ITD
Small Cap Quality Fund	6.33	13.21	23.58	20.33
S&P 600	10.13	9.33	25.86	9.85

Inception Date: November 15, 2022

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Table Caption
	QTD	YTD	1-Year	ITD
Small Cap Quality Fund	6.53	13.84	24.51	21.23
S&P 600	10.13	9.33	25.86	9.85

Inception Date: November 15, 2022

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Table Caption
	MTD	QTD	YTD	1-Year	ITD
Small Cap Quality Fund	-2.63	-2.63	10.23	26.87	17.75
S&P 600	-2.64	-2.64	6.45	30.00	7.92

Inception Date: November 15, 2022

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Table Caption
	MTD	QTD	YTD	1-Year	ITD
Small Cap Quality Fund	-2.57	-2.57	10.91	27.81	18.63
S&P 600	-2.64	-2.64	6.45	30.00	7.92

Inception Date: November 15, 2022

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Calendar
	Small Cap Quality Fund	S&P 600
2023	32.66	16.05
2022	-5.79	-6.00

Inception Date: November 15, 2022

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Calendar
	Small Cap Quality Fund	S&P 600
2023	33.65	16.05
2022	-5.70	-6.00

Inception Date: November 15, 2022

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein.

Documents

Literature

Prospectus		Download
Summary Prospectus		Download
Statement of Additional Information		Download
Download All		Download

Downloads

Performance		Download
Portfolio Composition		Download
Holdings		Download
Holdings - Public		Download
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Commentary & Attribution

Commentary Quarterly		Download
Attribution - Monthly		Download
Attribution - Quarterly		Download
Attribution - YTD		Download
Download All		Download

Investor Information

Annual Report		Download
Semi-Annual Financial Statements and Other Information		Download
Semi-Annual Report		Download
NAVs and Distributions		Download
Distribution Dates		Download
Tax-Related Distribution Information		Download
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Document Library

Risks

Risks associated with investing in the Fund may include: (1) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results, including annualized returns and annualized volatility. (2) Market Risk - Equities: The market price of equities may decline due to factors affecting the issuer, its industries, or the economy and equity markets generally. Declines in stock market prices generally are likely to reduce the net asset value of the Fund's shares. (3) Smaller Company Risk: Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than the securities of companies with larger market capitalizations.For a more complete discussion of these risks and others, please consult the Fund's Prospectus.

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. Please 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.