International Developed Equity Allocation Fund

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Management

Ben Inker

Co-Head of Asset Allocation, Portfolio Manager

Mr. Inker is Co-Head of GMO’s Asset Allocation team and a portfolio manager for the team’s products. Mr. Inker is a member of the GMO Board of Directors and a partner of the firm. He joined GMO in 1992 following the completion of his bachelor's degree in Economics from Yale University. In his years at GMO, Mr. Inker has served as an analyst for the Quantitative Equity and Asset Allocation teams, as a portfolio manager of several equity and asset allocation portfolios, as Co-Head of International Quantitative Equities, and as CIO of Quantitative Developed Equities. He is a CFA charterholder.

John Thorndike

Co-Head of Asset Allocation, Portfolio Manager

Mr. Thorndike is Co-Head of GMO’s Asset Allocation team and a portfolio manager for the team’s products. Mr. Thorndike is a partner of the firm. Mr. Thorndike currently oversees asset selection and portfolio construction decisions, as well as team management responsibilities. Prior to joining GMO in 2015, he was a managing director and Deputy CIO at The Investment Fund for Foundations. Previously, he was an analyst with TIFF. Mr. Thorndike earned his bachelor's degree in Physics from Bowdoin College.

Overview

The GMO International Developed Equity Allocation Fund seeks to generate total return greater than that of the MSCI EAFE Index.

The philosophy that underlies all of GMO’s Asset Allocation investment strategies is the belief that, at times and in the short term, the pricing of asset classes can deviate from true intrinsic value but mean reverts to appropriate valuation levels over a complete market cycle. Using GMO’s 7-Year Asset Class Forecasts, the Fund seeks to allocate to areas of the global equity markets we believe are most attractively valued. Our approach combines the best of GMO’s top-down Asset Allocation views and bottom-up equity research to identify mispricings at both the asset class and individual security levels. The Fund allocates to equity strategies that are actively managed by other GMO investment teams with expertise and experience in security selection within their respective markets. The Fund is allowed to invest up to 10% (at time of purchase) in emerging market equities.

Facts

Doc Table
Fund Inception Date	June 5, 2006
CUSIP	362013450
Benchmark	MSCI EAFE
Fund Total Assets as of 30/11/2024	$290mm USD

Share Class III

Inception Date	June 5, 2006
Ticker Symbol	GIOTX
CUSIP	362013450
NAV as of 27/12/2024	17.29
Net Expense Ratio ¹	0.62
Gross Expense Ratio ²	0.67
Minimum Investment Size	$1mm in GMO

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	3-Year	5-Year	10-Year	ITD
International Developed Equity Allocation Fund	26.13	7.82	10.22	5.33	4.76
MSCI EAFE	24.77	5.48	8.20	5.71	4.41

Inception Date: June 05, 2006

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	3-Year	5-Year	10-Year	ITD
International Developed Equity Allocation Fund	8.97	15.58	26.13	7.82	10.22	5.33	4.76
MSCI EAFE	7.26	12.99	24.77	5.48	8.20	5.71	4.41

Inception Date: June 05, 2006

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	3-Year	5-Year	10-Year	ITD
International Developed Equity Allocation Fund	9.14	16.12	26.91	8.48	10.90	5.98	5.40
MSCI EAFE	7.26	12.99	24.77	5.48	8.20	5.71	4.41

Inception Date: June 05, 2006

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	3-Year	5-Year	10-Year	ITD
International Developed Equity Allocation Fund	-0.34	-5.79	8.89	13.76	6.93	7.62	4.83	4.37
MSCI EAFE	-0.57	-5.97	6.24	11.88	4.15	5.88	5.07	4.02

Inception Date: June 05, 2006

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	3-Year	5-Year	10-Year	ITD
International Developed Equity Allocation Fund	-0.29	-5.69	9.52	14.46	7.59	8.29	5.47	5.01
MSCI EAFE	-0.57	-5.97	6.24	11.88	4.15	5.88	5.07	4.02

Inception Date: June 05, 2006

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
	International Developed Equity Allocation Fund	MSCI EAFE
2023	20.98	18.24
2022	-12.39	-14.45
2021	11.13	11.26
2020	7.40	7.82
2019	24.43	22.01
2018	-19.73	-13.79
2017	26.38	25.03
2016	3.25	1.00
2015	-6.62	-0.81
2014	-5.82	-4.90

Inception Date: June 05, 2006

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
	International Developed Equity Allocation Fund	MSCI EAFE
2023	21.73	18.24
2022	-11.85	-14.45
2021	11.80	11.26
2020	8.06	7.82
2019	25.18	22.01
2018	-19.22	-13.79
2017	27.14	25.03
2016	3.90	1.00
2015	-6.03	-0.81
2014	-5.23	-4.90

Inception Date: June 05, 2006

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

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Downloads

Performance		Download
Portfolio Composition		Download
Holdings		Download
Holdings - Exploded		Download
Holdings - Enhanced		Download
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Commentary & Attribution

Commentary Quarterly		Download
Market Review		Download
Attribution - Monthly		Download
Attribution - Quarterly		Download
Attribution - YTD		Download
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Investor Information

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

Risks

Risks associated with investing in the Fund may include: (1) 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. (2) Non-U.S. Investment Risk: The market prices of many non-U.S. securities (particularly of companies tied economically to emerging countries) fluctuate more than those of U.S. securities. Many non-U.S. markets (particularly emerging markets) are less stable, smaller, less liquid, and less regulated than U.S. markets, and the cost of trading in those markets often is higher than it is in U.S. markets. (3) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results, including annualized returns and annualized volatility.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.