Global 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 Global Equity Allocation Fund seeks to generate total return greater than that of the MSCI All Country World 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.

Facts

Doc Table
Fund Inception Date	November 26, 1996
CUSIP	362007148
Benchmark	MSCI ACWI +
Fund Total Assets as of 31/10/2024	$666mm USD

Share Class R6

Inception Date	July 15, 2020
Ticker Symbol	GMADX
CUSIP	362014318
NAV as of 20/11/2024	29.66
Net Expense Ratio ¹	0.57
Gross Expense Ratio ²	0.60

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	ITD
Global Equity Allocation Fund	26.41	6.39	11.27
MSCI ACWI +	31.76	8.09	12.79
MSCI ACWI	31.76	8.09	12.79

Inception Date: July 15, 2020

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	ITD
Global Equity Allocation Fund	7.11	14.27	26.41	6.39	11.27
MSCI ACWI +	6.61	18.66	31.76	8.09	12.79
MSCI ACWI	6.61	18.66	31.76	8.09	12.79

Inception Date: July 15, 2020

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	ITD
Global Equity Allocation Fund	7.27	14.76	27.12	7.00	11.90
MSCI ACWI +	6.61	18.66	31.76	8.09	12.79
MSCI ACWI	6.61	18.66	31.76	8.09	12.79

Inception Date: July 15, 2020

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	ITD
Global Equity Allocation Fund	-3.95	-3.95	9.75	25.57	4.07	10.00
MSCI ACWI +	-2.24	-2.24	16.00	32.79	5.51	11.93
MSCI ACWI	-2.24	-2.24	16.00	32.79	5.51	11.93

Inception Date: July 15, 2020

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	ITD
Global Equity Allocation Fund	-3.90	-3.90	10.28	26.28	4.66	10.62
MSCI ACWI +	-2.24	-2.24	16.00	32.79	5.51	11.93
MSCI ACWI	-2.24	-2.24	16.00	32.79	5.51	11.93

Inception Date: July 15, 2020

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
	Global Equity Allocation Fund	MSCI ACWI +	MSCI ACWI
2023	22.19	22.20	22.20
2022	-17.01	-18.36	-18.36
2021	14.98	18.54	18.54
2020	17.67	18.28	18.28

Inception Date: July 15, 2020

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
	Global Equity Allocation Fund	MSCI ACWI +	MSCI ACWI
2023	22.88	22.20	22.20
2022	-16.53	-18.36	-18.36
2021	15.63	18.54	18.54
2020	17.97	18.28	18.28

Inception Date: July 15, 2020

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

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

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
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
Download All		Download

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) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results, including annualized returns and annualized volatility. (3) 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.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.