0001104659-20-084460.txt : 20200717
0001104659-20-084460.hdr.sgml : 20200717
20200717144237
ACCESSION NUMBER: 0001104659-20-084460
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 104
FILED AS OF DATE: 20200717
DATE AS OF CHANGE: 20200717
EFFECTIVENESS DATE: 20200717
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GMO TRUST
CENTRAL INDEX KEY: 0000772129
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0831
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 002-98772
FILM NUMBER: 201033538
BUSINESS ADDRESS:
STREET 1: 40 ROWES WHARF
CITY: BOSTON
STATE: MA
ZIP: 02110
BUSINESS PHONE: 6173467646
MAIL ADDRESS:
STREET 1: 40 ROWES WHARF
CITY: BOSTON
STATE: MA
ZIP: 02110
FORMER COMPANY:
FORMER CONFORMED NAME: GMO CORE TRUST
DATE OF NAME CHANGE: 19900927
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GMO TRUST
CENTRAL INDEX KEY: 0000772129
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0831
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-04347
FILM NUMBER: 201033537
BUSINESS ADDRESS:
STREET 1: 40 ROWES WHARF
CITY: BOSTON
STATE: MA
ZIP: 02110
BUSINESS PHONE: 6173467646
MAIL ADDRESS:
STREET 1: 40 ROWES WHARF
CITY: BOSTON
STATE: MA
ZIP: 02110
FORMER COMPANY:
FORMER CONFORMED NAME: GMO CORE TRUST
DATE OF NAME CHANGE: 19900927
0000772129
S000004081
GMO U.S. Equity Fund
C000011423
Class III
GMUEX
C000011424
Class IV
GMRTX
C000011425
Class V
GMEQX
C000011426
Class VI
GMCQX
C000213354
Class R6
C000213355
Class I
0000772129
S000004084
GMO Quality Fund
C000011437
Class III
GQETX
C000011438
Class IV
GQEFX
C000011439
Class V
GQLFX
C000011440
Class VI
GQLOX
C000213356
Class I
GQLIX
C000213357
Class R6
GQESX
0000772129
S000004224
GMO International Equity Fund
C000011880
Class II
GMICX
C000011881
Class III
GMOIX
C000011882
Class IV
GMCFX
C000213358
Class I
C000213359
Class R6
0000772129
S000004911
GMO Emerging Markets Fund
C000013268
Class II
GMEMX
C000013269
Class III
GMOEX
C000013270
Class IV
GMEFX
C000013271
Class V
GEMVX
C000013272
Class VI
GEMMX
C000213362
Class R6
GEMNX
C000213363
Class I
GEMEX
0000772129
S000004913
GMO Tax-Managed International Equities Fund
C000013282
Class III
GTMIX
C000213364
Class I
C000213365
Class R6
0000772129
S000004917
GMO Multi-Sector Fixed Income Fund
C000013294
Class III
GUGAX
C000013295
Class IV
GPBFX
C000213366
Class I
C000213367
Class R6
0000772129
S000004922
GMO Emerging Country Debt Fund
C000013327
Class III
GMCDX
C000013328
Class IV
GMDFX
0000772129
S000005485
GMO Benchmark-Free Allocation Fund
C000014927
Class III
GBMFX
C000109350
Class IV
GBMBX
C000110912
Class MF
C000213372
Class I
GBMIX
C000213373
Class R6
GBMSX
0000772129
S000005486
GMO International Equity Allocation Fund
C000014930
Class III
GIEAX
C000213374
Class R6
GSXMX
C000213375
Class I
0000772129
S000005487
GMO Global Asset Allocation Fund
C000014933
Class III
GMWAX
C000213376
Class R6
GMWRX
C000213377
Class I
0000772129
S000005488
GMO Global Equity Allocation Fund
C000014936
Class III
GMGEX
C000213378
Class I
C000213379
Class R6
0000772129
S000005489
GMO Strategic Opportunities Allocation Fund
C000014937
Class III
GBATX
0000772129
S000005490
GMO Global Developed Equity Allocation Fund
C000014938
Class III
GWOAX
C000213380
Class R6
C000213381
Class I
0000772129
S000005494
GMO SGM Major Markets Fund
C000014953
Class III
GSMFX
C000014954
Class IV
GSMJX
C000014956
Class VI
GSMHX
C000213382
Class I
GSMKX
C000213383
Class R6
0000772129
S000007516
GMO Opportunistic Income Fund
C000020548
Class VI
GMODX
C000137450
Class III
GMOHX
C000213384
Class I
GMOLX
C000213385
Class R6
0000772129
S000012211
GMO International Developed Equity Allocation Fund
C000033342
Class III
GIOTX
C000213386
Class I
C000213387
Class R6
0000772129
S000025186
GMO U.S. Treasury Fund
C000075084
GMO U.S. Treasury Fund
GUSTX
0000772129
S000025199
GMO Asset Allocation Bond Fund
C000075099
Class III
GMOBX
C000075103
Class VI
GABFX
0000772129
S000029579
GMO Emerging Domestic Opportunities Fund
C000090805
Class II
GEDTX
C000090806
Class III
GEDSX
C000090807
Class IV
GEDIX
C000090808
Class V
GEDOX
C000090809
Class VI
GEDFX
C000213390
Class R6
C000213391
Class I
0000772129
S000033464
GMO Benchmark-Free Fund
C000102896
Class III
GBFFX
0000772129
S000034948
GMO Resources Fund
C000107485
Class III
GOFIX
C000107486
Class IV
GOVIX
C000107487
Class V
C000107488
Class VI
C000213392
Class I
C000213393
Class R6
0000772129
S000036091
GMO Implementation Fund
C000110451
GMO Implementation Fund
GIMFX
0000772129
S000038360
GMO Risk Premium Fund
C000118360
Class III
GMRPX
C000118361
Class IV
GMRVX
C000118362
Class V
C000118363
Class VI
GMOKX
C000213394
Class I
C000213395
Class R6
0000772129
S000046112
GMO Special Opportunities Fund
C000144309
Class III
C000144310
Class IV
C000144311
Class V
C000144312
Class VI
GSOFX
0000772129
S000056707
GMO Climate Change Fund
C000179795
Class III
GCCHX
C000179796
Class IV
C000179797
Class V
C000179798
Class VI
C000213398
Class I
GCCLX
C000213399
Class R6
GCCAX
0000772129
S000061716
GMO High Yield Fund
C000199927
Class III
C000199928
Class IV
C000199929
Class V
C000199930
Class VI
GHVIX
C000213400
Class I
C000213401
Class R6
0000772129
S000062268
GMO Strategic Short-Term Fund
C000201817
Class IV
C000201818
Class VI
C000213402
Class R6
C000213403
Class I
0000772129
S000065268
GMO Alternative Allocation Fund
C000211299
Class VI
GAAVX
C000211300
Class III
C000211301
Class IV
C000211302
Class V
C000213404
Class II
C000213405
Class R6
C000213406
Class I
GAAGX
0000772129
S000065871
GMO U.S. Small Cap Value Fund
C000212810
Class VI
GCAVX
C000212811
Class V
C000212812
Class I
C000212813
Class IV
C000212814
Class III
C000212815
Class R6
0000772129
S000068925
GMO Cyclical Focus Fund
C000220241
Class VI
C000220242
Class III
C000220243
Class IV
C000220244
Class V
C000220258
Class R6
C000220259
Class I
0000772129
S000068930
GMO Emerging Country Debt Shares Fund
C000220256
Class R6
C000220257
Class I
485BPOS
1
tm2016319-31_485bpos.htm
485BPOS
File Nos. 002-98772
811-04347
As
filed with the Securities and Exchange Commission
ON JULY
17, 2020
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No. __
¨
Post-Effective Amendment No. 215
x
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF
1940
x
Amendment No. 262
x
GMO
Trust
(Exact Name of Registrant as Specified in
Charter)
40 Rowes Wharf, Boston, Massachusetts 02110
(Address of principal executive offices)
617-330-7500
(Registrant's telephone number, including
area code)
Douglas Y. Charton, Esq.
GMO Trust
40 Rowes Wharf
Boston, Massachusetts 02110
(Name and address of agent for service)
with a copy to:
Thomas R. Hiller, Esq.
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
It is proposed that this filing will become effective:
x
Immediately upon filing pursuant to paragraph (b)
¨
On __________, pursuant to paragraph
(b)
¨
60 days after filing pursuant to paragraph
(a)(1)
¨
On ___________, pursuant to paragraph
(a)(1)
¨
75 days after filing pursuant to paragraph
(a)(2)
¨
On __________, pursuant to paragraph
(a)(2) of Rule 485.
This filing relates to each of the 31 series of the Registrant
listed on the front cover of the GMO Trust Prospectus, dated June 30, 2020, and filed with the Securities and Exchange Commission
on June 30, 2020 with Post-Effective Amendment No. 214 under the Securities Act of 1933, as amended, and Amendment No. 261 under
the Investment Company Act of 1940, as amended.
GMO TRUST
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933 (the “1933 Act”) and the Investment Company Act of 1940 (the “1940 Act”),
each as amended, the Registrant, GMO Trust, certifies that it meets all the requirements for effectiveness of this Registration
Statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 215 under the 1933 Act and
Amendment No. 262 under the 1940 Act to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston
and The Commonwealth of Massachusetts, on the 17th day of July, 2020.
GMO Trust
By:
SHEPPARD N. BURNETT*
Sheppard N. Burnett
Title:
Chief Executive Officer;
Principal Executive Officer
Pursuant to the requirements
of the 1933 Act, this Post-Effective Amendment No. 215 to GMO Trust’s Registration Statement under the 1933 Act has been
signed below by the following persons in the capacities and on the date indicated.
Signatures
Title
Date
SHEPPARD N. BURNETT*
Chief Executive Officer; Principal Executive Officer
July 17, 2020
Sheppard N. Burnett
BETTY MAGANZINI*
Treasurer; Chief Financial Officer; Chief Accounting Officer; Principal Financial and Accounting Officer
July 17, 2020
Betty Maganzini
PAUL BRAVERMAN*
Trustee
July 17, 2020
Paul Braverman
DONALD W. GLAZER*
Trustee
July 17, 2020
Donald W. Glazer
JONATHAN FEIGELSON*
Trustee, President
July 17, 2020
Jonathan Feigelson
PETER TUFANO*
Trustee
July 17, 2020
Peter Tufano
* By:
/s/ Douglas Y. Charton
July 17, 2020
Douglas Y. Charton
Attorney-in-Fact**
**
Pursuant to Power of Attorney for each of Paul Braverman,
Donald W. Glazer, and Peter Tufano filed with the SEC as part of Post-Effective Amendment No. 191 to the Registration Statement
under the 1933 Act and Amendment No. 237 to the Registration Statement under the 1940 Act on December 23, 2016; pursuant to Power
of Attorney for each of Sheppard N. Burnett and Betty Maganzini filed with the SEC as part of Post-Effective Amendment No. 205
to the Registration Statement under the 1933 Act and Amendment No. 251 to the Registration Statement under the 1940 Act on February
1, 2019; and pursuant to Power of Attorney for Jonathan Feigelson filed with the SEC as part of Post-Effective Amendment No. 212
to the Registration Statement under the 1933 Act and Amendment No. 259 to the Registration Statement under the 1940 Act on April
16, 2020.
I, Douglas Y. Charton, hereby certify that
I am the duly elected and acting Clerk of GMO Trust, a Massachusetts business trust (the “Trust”), and do hereby further
certify as follows:
1. Attached
hereto as Exhibit A are true and correct copies of resolutions from the meeting of the Board of Trustees of the Trust (the “Board”)
held November 29, 2018 (the “Meeting”). The resolutions were duly adopted by the Board at the Meeting. Such resolutions
have not been modified or rescinded since their adoption and are in full force and effect as of the date hereof.
IN WITNESS WHEREOF, I have hereunto set my
hand this 17th day of July, 2020.
By:
/s/ Douglas Y. Charton
Name: Douglas Y. Charton
Title: Clerk
Exhibit A
Resolutions of the Board – November
29, 2018
Power of Attorney Authorizations
VOTED:
That each of Megan Bunting, Douglas Y. Charton and Kevin M. O’Brien is authorized to sign
for Sheppard N. Burnett, in his name and in the capacity of Chief Executive Officer and Principal Executive Officer, on behalf
of the Trust, the Trust’s registration statement on Form N-1A filed with the Securities and Exchange Commission (the “SEC”)
and any and all amendments thereto, pursuant to a power of attorney executed by Mr. Burnett.
VOTED:
That each of Megan Bunting, Douglas Y. Charton and Kevin M. O’Brien is authorized to sign
for Betty Maganzini, in her name and in the capacity of Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal
Financial and Accounting Officer, on behalf of the Trust, the Trust’s registration statement on Form N-1A filed with the
SEC and any and all amendments thereto, pursuant to a power of attorney executed by Ms. Maganzini.
EX-101.CAL
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EX-101.INS
7
ck0000772129-20200630.xml
XBRL INSTANCE DOCUMENT
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both management fee of 0.65% and class-specific shareholder service fee, if any, for each class of shares other than Class MF shares, as well as the supplemental support fee for class MF shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. This reimbursement will continue through at least June 30, 2021 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 June 30, 2021 the Fund's management, shareholder service, and supplemental support fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds").GMO has contractually agreed to reduce the rate of the supplemental support fees charged each month to the Fund's Class MF shares based on the net assets attributable to Class MF shares as of the last business day of the preceding month based on the following schedule: 0.10% on the first $6 billion of net assets, 0.05% on the next $2 billion, 0.03% on the next $2 billion, and 0.01% thereafter; provided, however, that the effective rate charged at any time will not be reduced to less than 0.06% of Class MF's average daily net assets. This rate will be calculated before giving effect to any other reduction or waiver. This reduction will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Includes payments for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders exceed 0.10% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Consists of approximately 0.15% in underlying fund fees and expenses, less than 0.01% in interest expense and borrowing costs for investments sold short incurred by underlying funds, 0.05% in dividend expenses on short sales incurred by underlying funds and 0.02% in purchase premiums and redemption fees paid to underlying funds. The underlying funds also receive income in connection with short sales, which is reflected in the Fund's net income but is not reflected as an offset to dividend expenses on short sales in the Fund's annual fund operating expenses table.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.Includes both management fee and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility."Includes estimate of payments for sub-transfer agency, recordkeeping and other administrative services for Class I's initial fiscal year. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders exceed 0.10% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Consists of approximately 0.55% in underlying fund fees and expenses, 0.02% in interest expense incurred by underlying funds, and 0.02% in purchase premiums and redemption fees paid to underlying funds.Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.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.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.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.Consists of approximately 0.57% in underlying fund fees and expenses and 0.01% in purchase premiums and redemption fees paid to underlying funds.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. 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.Consists of approximately 0.52% in underlying fund fees and expenses and 0.05% in purchase premiums and redemption fees paid to underlying funds.Includes both management fee of 0.33% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 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 of 0.60% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." 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 the following amounts for each class of shares, in each case representing the average daily net assets for the indicated class of shares: 0.77% for Class III shares; 0.72% for Class IV shares; 0.705% for Class V shares; 0.675% for Class VI shares; 0.77% for Class R6 shares; and 0.77% for Class I shares (each, an "Expense Cap"). Fees and expenses of the "non-interested" Trustees and legal counsel and independent compliance consultant 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, 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 shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service 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 June 30, 2021 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 of 0.50% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." 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. "Specified Operating Expenses" means only the following expenses: audit expenses, fund accounting 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 with respect to 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 and custody expenses. 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 the 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 the 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 shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.The amounts represent an annualized estimate of the Fund's operating expenses for its initial fiscal year.Includes both management fee of 0.33% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for its "Specified Operating Expenses" (as defined below). "Specified Operating Expenses" means only the following expenses: audit expenses, fund accounting 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 with respect to 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 and custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Consists of approximately 0.65% in underlying fund fees and expenses and 0.01% in purchase premiums and redemption fees paid to underlying funds.Consists of approximately 0.61% in underlying fund fees and expenses and 0.02% in purchase premiums and redemption fees paid to underlying funds.Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. This reimbursement will continue through at least June 30, 2021 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 of 0.50% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 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 of 0.31% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 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). For periods during which the Fund or its predecessor had no Class V shares outstanding, Class V shares' returns are those of the Fund's Class IV shares, with no adjustment made to reflect the lower total annual operating expenses of Class V shares. Class V shares are invested in the same portfolio of securities as Class IV shares. Annual returns would principally differ to the extent Class V shares do not have the same expenses as Class IV shares.Effective April 1, 2020, the Fund changed its comparative broad-based index from the Russell 3000 Index to the S&P Composite 1500 Index.Includes both management fee of 0.31% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." 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. "Specified Operating Expenses" means only the following expenses: audit expenses, fund accounting 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 with respect to 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 and custody expenses. 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 the 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 the 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 shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 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 of 0.65% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 and state and federal registration fees. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. In addition, GMO has contractually agreed to waive the shareholder service fees charged to each class of shares of the Fund to the extent necessary to prevent the shareholder service fees paid by the class from exceeding the following amounts of the class's average daily net assets: 0.20% for Class II shares, 0.15% for Class III shares, 0.10% for Class IV shares, 0.05% for Class V shares, 0.02% for Class VI shares, 0.20% for Class R6 shares, and 0.20% for Class I shares. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Includes estimate of payments for sub-transfer agency, recordkeeping and other administrative services for Class I's initial fiscal year. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders exceed 0.05% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Consists of approximately less than 0.01% in underlying fund fees and expenses and 0.01% in commissions paid to brokers by the Fund for executing transactions in unaffiliated underlying funds.For the period from January 9, 1998 to August 12, 2009, no Class II shares were outstanding. The returns shown in the table for that period are those of Class III shares, which have been adjusted downward to reflect Class II's higher total annual fund operating expenses (Class II's expenses during these periods were calculated by adjusting Class III's actual total annual fund operating expenses during such periods upward by the current differential between "Total annual fund operating expenses" for Class II and Class III shares shown in the Fund's "Annual Fund operating expenses" table).For the period October 26, 2004 to February 11, 2005, no Class V shares were outstanding. Performance for that period is that of Class IV shares, which have higher expenses. For the period February 26, 2019 to December 31, 2019 there were also no Class V shares (or Class IV) outstanding. Performance for that period is that of Class III shares, which have higher expenses. Therefore, the performance shown is lower than it would have been if Class V expenses had been applied throughout.Includes both management fee of 0.75% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 any portion of custody expenses that exceeds 0.10% of the Fund's average daily net assets. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Includes estimate of payments for sub-transfer agency, recordkeeping and other administrative services for Class I's initial fiscal year. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders exceed 0.03% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Consists of approximately 0.04% in underlying fund fees and expenses and 0.05% in commissions paid to brokers by the Fund for executing transactions in unaffiliated underlying funds.Includes both management fee of 0.35% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." 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. "Specified Operating Expenses" means only the following expenses: audit expenses, fund accounting 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 with respect to 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 and custody expenses. 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 the 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 the 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 shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.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. "Other expenses" (before addition of interest expense) and interest expense were approximately 0.11% and 0.03%, respectively.Includes both management fee of 0.25% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Consists of approximately 0.15% in underlying fund fees and expenses, less than 0.01% in interest expense incurred by underlying funds, and 0.01% in purchase premiums and redemption fees paid to underlying funds.For additional information, see "Purchase Premiums and Redemption Fees" on page 188 of this Prospectus.Includes both management fee of 0.35% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. This waiver will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.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. "Other expenses" (before addition of interest expense) and interest expense were approximately 0.03% and 0.01%, respectively.Effective March 1, 2020, the Fund changed its benchmark from the J.P. Morgan EMBI Global to the J.P. Morgan EMBI Global Diversified because GMO believes the J.P. Morgan EMBI Global Diversified is more appropriate in light of the Fund's investment strategy. 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 Plus 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.These amounts are paid to and retained by GMO Emerging Country Debt Fund ("ECDF"), the underlying fund in which the Fund invests, to help offset estimated portfolio transaction and other related costs.Includes both management fee of 0.35% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 and custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Consists of approximately 0.53% in underlying fund fees and expenses and 0.01% in interest expense incurred by underlying funds.Inception date for ECDF (Class III shares).Fund's benchmark effective March 1, 2020. 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 Plus 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.Effective March 1, 2020, ECDF changed its benchmark from the J.P. Morgan EMBI Global to the J.P. Morgan EMBI Global Diversified because GMO believes the J.P. Morgan EMBI Global Diversified is more appropriate in light of ECDF's investment strategy.Includes both management fee of 0.40% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 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.Includes both management fee of 0.05% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." 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 0.05% of the Fund's average daily net assets. "Specified Operating Expenses" means only the following expenses: audit expenses, fund accounting 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 with respect to 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 and custody expenses. 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 0.05% per year or the 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 the 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 shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 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 of 0.73% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." 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 the following amounts for each class of shares, in each case representing the average daily net assets for the indicated class of shares: 0.99% for Class II shares; 0.92% for Class III shares; 0.875% for Class IV shares; 0.855% for Class V shares; 0.825% for Class VI shares; 0.99% for Class R6 shares; and 0.99% for Class I shares (each, an "Expense Cap"). Fees and expenses of the "non-interested" Trustees and legal counsel and independent compliance consultant 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, 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 shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service 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 June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees."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. The Fund also receives income in connection with short sales, which is reflected in the Fund's net income but is not reflected as an offset to dividend expenses on short sales in the Fund's annual fund operating expenses table. Any interest expense amount or dividends paid on securities sold short will vary based on the extent of Fund's use of those investments. Excluding interest expense and dividends paid on borrowed securities, the total annual fund operating expenses for each class of shares of the Fund would be 0.29% lower.Consists of approximately 0.10% in underlying fund fees and expenses and 0.01% in purchase premiums and redemption fees paid to underlying funds. The underlying funds also receive income in connection with short sales, which is reflected in the Fund's net income but is not reflected as an offset to dividend expenses on short sales in the Fund's annual fund operating expenses table.Includes both management fee of 0.85% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero as a result of this waiver. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.Prior to October 3, 2011, the Fund was managed pursuant to a materially different investment strategy and would have achieved materially different performance results under its current investment strategy from that shown for periods prior to October 3, 2011.After-tax returns do not reflect distributions made by the Fund for all periods prior to December 1, 2015, the date on which the Fund elected to change its U.S. federal income tax status from that of a partnership to a corporation. Further, as described in "Distributions and Taxes," the Fund elected to be treated and intends to qualify and be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes.Includes both management fee of 0.25% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 and custody expenses. GMO also has contractually agreed to waive or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 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 shareholder service fee. For additional information about the shareholder service fee applicable to Class III of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility."The amount includes interest expense and borrowing costs for investments sold short, and dividend expenses incurred by the Fund as a result of short sales. "Other expenses" (before addition of interest expense and borrowing costs for investments sold short, and dividend expenses on short sales), interest expense and borrowing costs for investments sold short, and dividend expenses on short sales were approximately 0.06%, less than 0.01% and 0.03%, respectively. The Fund also receives income in connection with short sales, which is reflected in the Fund's net income but is not reflected as an offset to dividend expenses on short sales in the Fund's annual fund operating expenses table.Consists of approximately 0.23% in underlying fund fees and expenses, less than 0.01% in interest expense incurred by underlying funds, and 0.03% in purchase premiums and redemption fees paid to underlying funds.Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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, and the Fund's direct non-emerging market custody expenses. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.The amount includes interest expense and borrowing costs for investments sold short, and dividend expenses incurred by the Fund as a result of short sales. "Other expenses" (before addition of interest expense and borrowing costs for investments sold short, and dividend expenses on short sales), interest expense and borrowing costs for investments sold short, and dividend expenses on short sales were approximately 0.05%, less than 0.01% and 0.06%, respectively. The Fund also receives income in connection with short sales, which is reflected in the Fund's net income but is not reflected as an offset to dividend expenses on short sales in the Fund's annual fund operating expenses table.Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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, and custody expenses. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.After-tax returns do not reflect distributions made by the Fund for all periods prior to July 1, 2015, the date on which the Fund elected to be treated as a corporation for U.S. federal income purposes. Further, as described in "Distributions and Taxes," the Fund elected to be treated and intends to qualify and be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes.Includes both management fee of 1.10% and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." 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. "Specified Operating Expenses" means only the following expenses: audit expenses, fund accounting 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, organizational and start-up expenses, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. 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 the 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 the 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 shareholder service fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds"). Management fees and shareholder service fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 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 shareholder service fee. For additional information about the shareholder service fee applicable to Class III shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility."The amount includes interest expense and borrowing costs for investments sold short, and dividend expenses incurred by the Fund as a result of short sales. "Other expenses" (before addition of interest expense and borrowing costs for investments sold short, and dividend expenses on short sales), interest expense and borrowing costs for investments sold short, and dividend expenses on short sales were approximately 0.04%, 0.01% and 0.02%, respectively. The Fund also receives income in connection with short sales, which is reflected in the Fund's net income but is not reflected as an offset to dividend expenses on short sales in the Fund's annual fund operating expenses table.Consists of approximately 0.46% in underlying fund fees and expenses, less than 0.01% in interest expense incurred by underlying funds, and 0.02% in purchase premiums and redemption fees paid to underlying funds.Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 and custody expenses. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.This is a composite index that 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.Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 and custody expenses. 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 ("GMO Funds"). Management fees will not be waived below zero. These reimbursements and waivers will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.false2020-06-302020-06-302020-02-29485BPOS0000772129N-1AGMO TRUST2020-06-30GMO Benchmark-Free Allocation FundGBMIXGBMBXGBMFXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Positive total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00800.00750.00750.00800.00800.00010.00010.00010.00010.00110.00220.00220.00220.00220.00220.01030.00980.00980.01030.0113-0.0015-0.0015-0.0015-0.0015-0.00150.00880.00830.00830.00880.0098~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0000772129_S000005485Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 90908585858590901001003133132972972972973133133443445545545275275275275545546086081246124611881188118811881246124613611361~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact ck0000772129_S000005485Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20003 column dei_LegalEntityAxis compact ck0000772129_S000005485Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 10% of the average value of its portfolio. </div> 0.10Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The Fund seeks annualized returns of 5% (net of fees) above the Consumer Price Index and 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets in asset classes GMO believes offer the most attractive return and risk opportunities. GMO uses its 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 class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund is structured as a fund of funds and gains its investment exposures primarily by investing in Implementation Fund. In addition, the Fund may invest in any other GMO Fund (together with Implementation Fund, the “underlying GMO Funds”), whether now existing or created in the future. These underlying GMO Funds may include, among others, Opportunistic Income Fund, Emerging Country Debt Fund, Special Opportunities Fund, High Yield Fund, and the Alternative Funds (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). Implementation Fund is permitted to invest in any asset class and may engage in merger arbitrage. The Fund also may invest directly in securities (including underlying funds) and derivatives. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund is permitted to invest (directly or through Implementation Fund or other underlying GMO Funds) in any asset class (e.g., U.S. equity, non-U.S. equity, emerging country equity, U.S. fixed income, non-U.S. fixed income, emerging country debt and commodities), sector, country, or region, and at times may have substantial exposure to a single asset class, sector, country, or region. 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, credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)), maturity or duration. The Fund may have indirect exposure to derivatives and short sales through its investment in Implementation Fund and the other underlying GMO Funds. GMO’s ability to shift investments within Implementation Fund and between Implementation Fund and the other underlying GMO Funds is not subject to any limits. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are <font style="font-style:italic;">non-diversified investment companies</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results, including annualized returns and annualized volatility. In addition, the Fund could produce results consistent with its annualized volatility objective over a complete market cycle yet experience shorter periods of significantly higher or lower volatility. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.89pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.89pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk</font> – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.89pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk</font> – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Merger Arbitrage Risk</font> – If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives, short sales and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities</font> – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.Performance <div style="font-family: Times New Roman, Times, serif;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 Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore would have lower returns. 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares* Years Ending December 310.04910.03860.10010.10730.0121-0.04280.03400.1304-0.05350.1162~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000772129_S000005485Member row primary compact * ~Highest Quarter:0.06662010-09-30Lowest Quarter:-0.06662015-09-30Year-to-Date-0.16052020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 6.66% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-6.66%</font> (3Q2015)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-16.05%</font> </div> <div style="font-size: 8pt;font-family: Times New Roman, Times, serif;text-align:justify; width:559pt; line-height:9pt;font-style:italic;"> <font style=" position:relative; bottom:3.25pt;font-size:6pt;">a</font> 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> Average Annual Total Returns Periods Ending December 31, 2019 0.11620.03400.04730.07970.10660.02570.03960.06310.07400.02390.03520.06030.06850.02360.02570.03600.02280.01830.01740.02100.11640.03450.04270.06850.02360.00890.02280.01830.01610.11670.03460.04310.06850.02360.01290.02280.01830.01592012-03-012012-12-112012-12-112012-03-012003-07-232012-03-012012-12-112003-07-232003-07-232003-07-232003-07-23~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000772129_S000005485Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Global Asset Allocation FundGMWAXGMWRXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 Barclays U.S. Aggregate Index. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00000.00000.00000.00010.00010.00110.00590.00590.00590.00600.00600.0070-0.0001-0.0001-0.00010.00590.00590.0069~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20008 column dei_LegalEntityAxis compact ck0000772129_S000005487Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 606060607070191191191191223223334334334334389389749749749749870870~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20009 column dei_LegalEntityAxis compact ck0000772129_S000005487Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20010 column dei_LegalEntityAxis compact ck0000772129_S000005487Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 28% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 27% of the average value of its portfolio. </div> 0.28Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent: 20pt; margin-top: 1pt; text-align: justify; width: 559pt; line-height: 11.5pt;">The Fund is a fund of funds and invests primarily in shares of other series of GMO Trust (collectively, the “underlying GMO Funds”), which may include the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative 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. The Fund is permitted to invest in any asset class, including, for example, U.S. and non-U.S. equities (including emerging country equities), U.S. and non-U.S. fixed income securities (including emerging country debt securities) of any credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)) or maturity, and commodities. The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. The Fund may invest in securities of companies of any market capitalization.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to select the underlying GMO Funds in which the Fund invests and to decide how much to invest in each. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings of the underlying GMO Funds 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are <font style="font-style:italic;">non-diversified investment companies</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.8pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.8pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.81pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.81pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk</font> – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk</font> – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities</font> – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.Performance <div style="font-family: Times New Roman, Times, serif;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 broad-based indices and the Fund’s benchmark (which is a composite index computed by GMO). As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.07380.01670.10400.12540.0131-0.04270.05640.1573-0.07260.1769~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0000772129_S000005487Member row primary compact * ~Highest Quarter:0.09792010-09-30Lowest Quarter:-0.07372010-06-30Year-to-Date-0.16752020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:6pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 9.79% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-7.37%</font> (2Q2010)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-16.75%</font> </div> Average Annual Total Returns1 Periods Ending December 31, 2019 0.17690.05020.05790.07060.16360.03780.04690.05260.11000.03600.04370.05150.26600.08410.08790.06660.08720.03050.03750.05220.20310.06690.07230.05771996-06-281996-06-281996-06-281996-06-28~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0000772129_S000005487Member column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 broad-based indices and the Fund’s benchmark (which is a composite index computed by GMO).As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Global Equity Allocation FundGMGEXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00000.00000.00000.00010.00010.00110.00580.00580.00580.00590.00590.0069-0.0001-0.0001-0.00010.00580.00580.0068~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20015 column dei_LegalEntityAxis compact ck0000772129_S000005488Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 595959596969188188188188220220328328328328383383737737737737858858~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20016 column dei_LegalEntityAxis compact ck0000772129_S000005488Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20017 column dei_LegalEntityAxis compact ck0000772129_S000005488Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 20% of the average value of its portfolio. </div> 0.20Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 Risk Premium Fund (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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to determine the Fund’s allocations to particular underlying GMO Funds. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings of the underlying GMO Funds 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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”). The term “equities” refers to direct and indirect (e.g., through the underlying GMO Funds) investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are <font style="font-style:italic;">non-diversified investment companies</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, or issuers (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 (which is a broad-based index) and a composite index computed by GMO. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/​Class III Shares Years Ending December 31 0.0998-0.01950.14690.2097-0.0088-0.05830.07970.2639-0.13120.2582~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0000772129_S000005488Member row primary compact * ~Highest Quarter:0.14992010-09-30Lowest Quarter:-0.13542011-09-30Year-to-Date-0.24202020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 14.99% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-13.54%</font> (3Q2011)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-24.20%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.25820.07040.07620.07950.24960.05910.06390.06010.16130.05450.06060.06050.26600.08410.08790.06460.26600.08410.08790.06531996-11-261996-11-261996-11-261996-11-261996-11-26~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0000772129_S000005488Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 (which is a broad-based index) and a composite index computed by GMO.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Global Developed Equity Allocation FundGWOAXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00000.00000.00000.00030.00030.00130.00570.00570.00570.00600.00600.0070-0.0003-0.0003-0.00030.00570.00570.0067~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20022 column dei_LegalEntityAxis compact ck0000772129_S000005490Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 585858586868189189189189221221332332332332387387747747747747868868~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20023 column dei_LegalEntityAxis compact ck0000772129_S000005490Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20024 column dei_LegalEntityAxis compact ck0000772129_S000005490Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 21% of the average value of its portfolio. </div> 0.21Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 Risk Premium Fund (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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to determine the Fund’s allocations to particular underlying GMO Funds. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings of the underlying GMO Funds 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 Fund also may invest in Emerging Markets Fund to 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. The term “equities” refers to direct and indirect (e.g., through the underlying GMO Funds) investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. 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). </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are <font style="font-style:italic;">non-diversified investment companies</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.84pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.84pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.84pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.84pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 4.86pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, or issuers (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/​Class III Shares Years Ending December 31 0.09000.00260.14610.2534-0.0046-0.04220.06790.2564-0.13020.2656~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_LegalEntityAxis compact ck0000772129_S000005490Member row primary compact * ~Highest Quarter:0.14412010-09-30Lowest Quarter:-0.13592018-12-31Year-to-Date-0.23902020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 14.41% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-13.59%</font> (4Q2018)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-23.90%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.26560.07180.08260.06860.25160.05890.07130.05660.16500.05500.06600.05470.27670.08740.09470.07152005-06-162005-06-162005-06-162005-06-16~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_LegalEntityAxis compact ck0000772129_S000005490Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Quality FundGQLOXGQLFXGQEFXGQETXGQESXGQLIXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00480.004350.004150.003850.00480.00480.00020.00020.00020.00020.00020.00120.00500.00460.00440.00410.00500.0060-0.0002-0.0002-0.0002-0.0002-0.0002-0.00020.00480.00440.00420.00390.00480.0058~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20029 column dei_LegalEntityAxis compact ck0000772129_S000004084Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 494945454343404049495959158158146146139139130130158158190190278278256256244244228228278278333333626626577577553553516516626626748748~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20030 column dei_LegalEntityAxis compact ck0000772129_S000004084Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20031 column dei_LegalEntityAxis compact ck0000772129_S000004084Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 17% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 17% of the average value of its portfolio. </div> 0.17Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 utilize cash flows in the future by making investments with the potential for a high return on capital or by returning cash to shareholders through dividends, share buybacks, or other mechanisms. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">In selecting securities for the Fund, GMO uses a combination of investment methods and typically considers both systematic factors, based on profitability, profit stability, leverage, and other publicly available financial information, and judgmental factors, based on GMO’s assessment of future profitability, capital allocation, growth opportunities, and sustainability against competitive forces. GMO also may rely on valuation methodologies, such as discounted cash flow analysis and multiples of price to earnings, revenues, book values or other fundamental metrics. In addition, GMO may consider ESG (environmental, social, and governance) criteria as well as trading patterns, such as price movement or volatility of a security or groups of securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund 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. The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, currency or issuer. As of May 31, 2020, the ten largest holdings of the Fund represented approximately 43% of the Fund’s net assets. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and as a substitute for securities lending. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.04pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.04pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.03pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, currencies or issuers (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. The Fund invests in the securities of a limited number of issuers, and a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund invested in the securities of a larger number of issuers. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.03pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.03pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 a broad-based index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/​Class III Shares Years Ending December 31 0.05470.11750.12000.25360.12500.01500.09720.29060.00460.3169~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20032 column dei_LegalEntityAxis compact ck0000772129_S000004084Member row primary compact * ~Highest Quarter:0.13252019-03-31Lowest Quarter:-0.12282010-06-30Year-to-Date-0.16422020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 13.25% (1Q2019)<br/>Lowest Quarter: <font style="white-space:nowrap;">-12.28%</font> (2Q2010)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-16.42%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.31690.13720.13480.08990.29170.10810.10880.07300.20300.10280.10470.07070.31490.11700.13560.08980.31790.13770.13530.09040.31490.11700.13560.08980.31810.13820.13590.10050.31490.11700.13560.08832004-02-062004-02-062004-02-062004-02-062004-02-062006-12-082004-02-062006-12-08~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20033 column dei_LegalEntityAxis compact ck0000772129_S000004084Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Climate Change FundGCCAXGCCLXGCCHXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">High total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00750.00700.006850.006550.00750.00750.00180.00180.00180.00180.00180.00280.00010.00010.00010.00010.00010.00010.00940.00890.00880.00850.00940.0104-0.0016-0.0016-0.0016-0.0016-0.0016-0.00160.00780.00730.00720.00690.00780.0088~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20036 column dei_LegalEntityAxis compact ck0000772129_S000056707Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 808075757474707080809090284284268268265265255255284284315315504504477477472472456456504504558558114011401081108110701070103410341140114012571257~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20037 column dei_LegalEntityAxis compact ck0000772129_S000056707Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20038 column dei_LegalEntityAxis compact ck0000772129_S000056707Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 173% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 62% of the average value of its portfolio. </div> 1.73Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equities of companies GMO believes are positioned to benefit, directly or indirectly, from efforts to curb or mitigate the long-term effects of global climate change, to address the environmental challenges presented by global climate change, or to improve the efficiency of resource consumption. Due to the far-reaching effects of, and evolving innovation related to, climate change, GMO expects such companies to be involved in a wide array of businesses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information and corporate behavior (such as profit warnings, share issuance or repurchase, and director dealings in company stock), sustainability and other ESG (environmental, social, and governance) criteria, securities’ prices, commodities’ prices, equity and bond markets, the overall global economy, and governmental policies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">In selecting securities for the Fund, GMO uses a combination of investment methods to identify securities GMO believes have positive return potential. 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 profitability, cash flow and earnings, and a comparison of these ratios to current and historical industry, market or company averages. Other methods focus on patterns of information, such as price movement or volatility of a security or groups of securities. The Fund may invest its assets in securities of issuers of any market capitalization and may invest a significant portion of its assets in securities of issuers with smaller market capitalizations. The Fund also may engage in merger arbitrage. The Fund has no limit on the amount it may invest in any single asset class, sector, country, industry, region or issuer. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund has a fundamental policy to concentrate its investments in climate change-related industries and, under normal market conditions, the Fund invests at least 80% of its assets in companies in such industries (see “Name Policies”). The Fund considers “climate change-related industries” to include clean energy, batteries and storage, electric grid, energy efficiency, recycling and pollution control, agriculture, water, and businesses that service such industries. The Fund is permitted to invest directly and indirectly in equities of companies tied economically to any country in the world, including emerging countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and as a substitute for securities lending. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.82pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.82pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Because the Fund focuses its investments in securities of companies involved in climate change-related industries, the Fund will be more susceptible to events or factors affecting these companies, and the market prices of its portfolio securities may be more volatile than those of mutual funds that are more diversified. The Fund is particularly exposed to such developments as changes in global and regional climates, environmental protection regulatory actions, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments (such as potential cutbacks on funding for the Environmental Protection Agency and other policies and actions by the Trump administration). Companies involved in alternative fuels also may be adversely affected by the increased use of, or decreases in prices for, oil or other fossil fuels. In addition, scientific developments, such as breakthroughs in the remediation of global warming, and changes in governmental policies relating to the effects of pollution may affect investments in pollution control, which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on energy, pollution control and mitigation of global warming. Because society’s focus on climate change issues is relatively new, the emphasis and direction of governmental policies is subject to significant change, and rapid technological change could render even new approaches and products obsolete. Some companies involved in climate change-related industries have more limited operating histories and smaller market capitalizations on average than companies in other sectors. As a result of these and other factors, the market prices of securities of companies involved in climate change-related industries tend to be considerably more volatile than those of companies in more established sectors and industries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.83pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 4.83pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Market Risk – Equities</font> – The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk</font> – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Merger Arbitrage Risk</font> – If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 MSCI ACWI. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 -0.15800.2645~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20039 column dei_LegalEntityAxis compact ck0000772129_S000056707Member row primary compact * ~Highest Quarter:0.13472019-12-31Lowest Quarter:-0.11232018-12-31Year-to-Date-0.28162020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 13.47% (4Q2019)<br/>Lowest Quarter: <font style="white-space:nowrap;">-11.23%</font> (4Q2018)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-28.16%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.26450.10900.25220.09800.16440.08250.26600.11072017-04-052017-04-052017-04-052017-04-05~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_LegalEntityAxis compact ck0000772129_S000056707Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 MSCI ACWI.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Resources FundGOVIXGOFIXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00650.00600.005850.005550.00650.00650.00080.00080.00080.00080.00080.00160.00730.00680.00670.00640.00730.00810.00000.00000.00000.00000.00000.00000.00730.00680.00670.00640.00730.0081~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20043 column dei_LegalEntityAxis compact ck0000772129_S000034948Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 75756969686865657575838323323321821821421420520523323325925940640637937937337335735740640645045090690684784783583579879890690610021002~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20044 column dei_LegalEntityAxis compact ck0000772129_S000034948Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20045 column dei_LegalEntityAxis compact ck0000772129_S000034948Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 101% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 37% of the average value of its portfolio. </div> 1.01Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in equities of companies in the natural resources sector (as defined below). Given the expected growth and industrialization of emerging countries, GMO believes that global demand for many natural resources will increase and, given the limited supply of many natural resources, that prices of these natural resources will increase over a long time period. In managing the Fund, GMO seeks to invest in the securities of companies that it believes will benefit from, and avoid companies it believes will be adversely affected by, this expected long-term increase in natural resource prices. GMO expects the Fund’s long-term performance to have a low correlation to the performance of equity markets. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information and corporate behavior (such as profit warnings, share issuance or repurchase, and director dealings in company stock), sustainability and other ESG (environmental, social, and governance) criteria, securities’ prices, commodities’ prices, equity and bond markets, the overall global economy, and governmental policies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">In selecting securities for the Fund, GMO uses a combination of investment methods to identify securities GMO believes have positive return potential relative to other securities of companies in the natural resources sector. 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 profitability, cash flow and earnings, and a comparison of these ratios to current and historical industry, market or company averages. Other methods focus on patterns of information, such as price movement or volatility of a security or groups of securities relative to other securities in the natural resources sector. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region or issuer. The Fund may invest its assets in securities of companies of any market capitalization and may invest significantly in securities of issuers with smaller market capitalizations. The Fund also may engage in merger arbitrage. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and as a substitute for securities lending. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund has a fundamental policy to concentrate its investments in the natural resources sector, and, under normal market conditions, the Fund invests at least 80% of its assets in the securities of companies in that sector. The Fund considers the “natural resources sector” to include companies that own, produce, refine, process, transport, and market natural resources and companies that provide related equipment, infrastructure, and services. The sector includes, for example, the following industries: integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology, base metal production, forest products, farming products, paper products, chemicals, building materials, coal, water, alternative energy sources, and environmental services. The Fund is permitted to invest directly and indirectly (e.g., through underlying funds or derivatives) in securities of companies tied economically to any country in the world, including emerging countries. In addition to its investments in companies in the natural resources sector, the Fund also may invest up to 20% of its net assets in securities of any type of company. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> The Fund has a fundamental policy to concentrate its investments in the natural resources sector, and, under normal market conditions, the Fund invests at least 80% of its assets in the securities of companies in that sector.Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.16pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.16pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Focused Investment Risk</font> – Because the Fund concentrates its investments in the natural resources sector, it is particularly exposed to adverse developments, including adverse price movements, affecting issuers in the natural resources sector and is subject to greater risks than a fund that invests in a wider range of industries. In addition, the market prices of securities of companies in the natural resources sector are often more volatile (particularly in the short term) than those of securities of companies in other industries. Some of the commodities used as raw materials or produced by these companies are subject to broad price fluctuations as a result of industry-wide supply and demand factors. Companies in the natural resources sector often have limited pricing power over the supplies they purchase and the products they sell, which can affect their profitability, and are often capital-intensive and use significant amounts of leverage. Projects in the natural resources sector may take extended periods of time to complete, and companies cannot ensure that the market will be favorable at the time the project begins production. Companies in the natural resources sector also may be subject to special risks associated with natural or man-made disasters. In addition, companies in the natural resources sector can be especially affected by political and economic developments, government regulations including changes in tax law or interpretations of law, energy conservation, and the success of exploration projects. Specifically, companies in the natural resources sector can be significantly affected by import controls, worldwide competition and cartels, and changes in consumer sentiment and spending and can be subject to liability for, among other things, environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. The Fund’s concentration in the securities of natural resource companies exposes it to the price movements of natural resources to a greater extent than if it were more broadly diversified. Because the Fund invests primarily in the natural resources sector, it runs the risk of performing poorly during an economic downturn or a decline in demand for natural resources.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk</font> – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate more than if the Fund had a broader range of investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.11pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.11pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.09pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.09pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.09pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.09pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.09pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.09pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.09pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.09pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.09pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.09pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Merger Arbitrage Risk</font> – If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 MSCI ACWI Commodity Producers Index and the MSCI ACWI. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.10300.0358-0.1734-0.22020.44270.2837-0.06740.2008~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20046 column dei_LegalEntityAxis compact ck0000772129_S000034948Member row primary compact * ~Highest Quarter:0.17652017-09-30Lowest Quarter:-0.20512015-09-30Year-to-Date-0.35582020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 17.65% (3Q2017)<br/>Lowest Quarter: <font style="white-space:nowrap;">-20.51%</font> (3Q2015)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-35.58%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.20080.10090.05610.19440.09280.04450.12680.07920.04180.13060.02190.00180.26600.08410.10650.20190.10140.05320.13060.0219-0.00070.26600.08410.09072011-12-282011-12-282013-03-202011-12-282011-12-282011-12-282013-03-202013-03-20~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20047 column dei_LegalEntityAxis compact ck0000772129_S000034948Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 MSCI ACWI Commodity Producers Index and the MSCI ACWI.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Cyclical Focus FundInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00480.004350.004150.003850.00480.00480.00380.00380.00380.00380.00380.00480.00860.00820.00800.00770.00860.0096-0.0037-0.0037-0.0037-0.0037-0.0037-0.00370.00490.00450.00430.00400.00490.0059~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20050 column dei_LegalEntityAxis compact ck0000772129_S000068925Member row primary compact * ~The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year.2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 505046464444414150506060237237225225218218209209237237269269~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20051 column dei_LegalEntityAxis compact ck0000772129_S000068925Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20052 column dei_LegalEntityAxis compact ck0000772129_S000068925Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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. Because the Fund had not commenced operations as of the fiscal year ended February 29, 2020, the Fund has no reportable portfolio turnover rate. </div> Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">GMO seeks to achieve the Fund’s investment objective by investing in companies operating in cyclical industries (e.g., consumer discretionary, financials, energy, real estate, materials and industrials) that GMO believes are of higher quality than their industry peers. GMO believes that higher quality cyclical companies are more likely to withstand declining economic conditions and to thrive when economic conditions improve. The Fund is expected to invest in U.S. and non-U.S. equities, including emerging market equities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">In selecting securities for the Fund, GMO uses a combination of investment methods and typically considers both systematic factors, based on profitability, profit stability, leverage, and other publicly available financial information, and judgmental factors, based on GMO’s assessment of future profitability, capital allocation, growth opportunities, and sustainability against competitive forces. GMO also may rely on valuation methodologies, such as discounted cash flow analysis and multiples of price to earnings, revenues, book values or other fundamental metrics. In addition, GMO may consider ESG (environmental, social, and governance) criteria as well as trading patterns, such as price movement or volatility of a security or groups of securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund 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. The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, currency or issuer. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and as a substitute for securities lending. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.05pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.05pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. Equities which are characterized as relatively cyclical, such as investments in companies in the consumer discretionary, financials, energy, real estate, materials and industrials sectors, often are especially sensitive to economic cycles, which means they typically underperform non-cyclical equities during economic downturns. 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.03pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.03pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, currencies or issuers (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. The Fund invests in the securities of a limited number of issuers, and a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund invested in the securities of a larger number of issuers. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.03pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.03pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 International Equity Allocation FundGSXMXGIEAXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00000.00000.00000.00010.00020.00110.00660.00660.00660.00670.00680.0077-0.0001-0.0002-0.00010.00660.00660.0076~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20055 column dei_LegalEntityAxis compact ck0000772129_S000005486Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 676767677878213213216216245245372372377377427427834834845845953953~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20056 column dei_LegalEntityAxis compact ck0000772129_S000005486Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20057 column dei_LegalEntityAxis compact ck0000772129_S000005486Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 7% of the average value of its portfolio. </div> 0.07Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 other series of GMO Trust, including International Equity Fund, Emerging Markets Fund and Risk Premium Fund (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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to determine the Fund’s allocations to particular underlying GMO Funds. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings of the underlying GMO Funds 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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”). The term “equities” refers to direct and indirect (e.g., through the underlying GMO Funds) investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are <font style="font-style:italic;">non-diversified investment companies</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.46pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.46pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.45pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.45pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.47pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.47pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.47pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.47pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.47pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.47pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, or issuers (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.1303-0.11250.17040.1657-0.0622-0.08890.06520.2780-0.17810.2381~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20058 column dei_LegalEntityAxis compact ck0000772129_S000005486Member row primary compact * ~Highest Quarter:0.17782010-09-30Lowest Quarter:-0.19262011-09-30Year-to-Date-0.24012020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 17.78% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-19.26%</font> (3Q2011)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-24.01%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.23810.04760.04940.06860.22930.03970.04200.05400.15150.03830.04050.05490.21510.05510.04970.05301996-10-111996-10-111996-10-111996-10-11~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20059 column dei_LegalEntityAxis compact ck0000772129_S000005486Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO International Developed Equity Allocation FundGIOTXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return greater than that of its benchmark, the MSCI EAFE Index. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00000.00000.00000.00020.00020.00120.00630.00630.00630.00650.00650.0075-0.0002-0.0002-0.00020.00630.00630.0073~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20062 column dei_LegalEntityAxis compact ck0000772129_S000012211Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 646464647575206206206206238238360360360360415415809809809809928928~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20063 column dei_LegalEntityAxis compact ck0000772129_S000012211Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20064 column dei_LegalEntityAxis compact ck0000772129_S000012211Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 11% of the average value of its portfolio. </div> 0.11Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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 other series of GMO Trust, including International Equity Fund, Emerging Markets Fund and Risk Premium Fund (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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to determine the Fund’s allocations to particular underlying GMO Funds. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings of the underlying GMO Funds 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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”). 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 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. The term “equities” refers to direct and indirect (e.g., through the underlying GMO Funds) investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. 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). </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are <font style="font-style:italic;">non-diversified investment companies</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in asset classes, countries, regions, sectors, industries, or issuers (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.1086-0.09430.17130.2425-0.0582-0.06620.03250.2638-0.19730.2443~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20065 column dei_LegalEntityAxis compact ck0000772129_S000012211Member row primary compact * ~Highest Quarter:0.17122010-09-30Lowest Quarter:-0.18072011-09-30Year-to-Date-0.23992020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 17.12% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-18.07%</font> (3Q2011)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-23.99%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.24430.04010.05290.03530.23670.03410.04740.02620.15530.03290.04380.02860.22010.05670.05500.03562006-06-052006-06-052006-06-052006-06-05~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20066 column dei_LegalEntityAxis compact ck0000772129_S000012211Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO International Equity FundGMICXGMOIXGMCFXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">High total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00720.00650.00590.00720.00720.00040.00040.00040.00040.00140.00760.00690.00630.00760.0086-0.0003-0.0003-0.0003-0.0003-0.00030.00730.00660.00600.00730.0083~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20069 column dei_LegalEntityAxis compact ck0000772129_S000004224Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 7575676761617575858524024021821819919924024027127141941938138134834841941947447493993985685678378393993910581058~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20070 column dei_LegalEntityAxis compact ck0000772129_S000004224Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20071 column dei_LegalEntityAxis compact ck0000772129_S000004224Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 65% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 46% of the average value of its portfolio. </div> 0.65Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 and corporate behavior (such as corporate governance), sustainability criteria, securities’ prices, equity and other markets (e.g., bond and currency), the overall global economy, and governmental policies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">In selecting securities for the Fund, GMO uses a combination of investment methods to identify securities GMO believes have positive return potential relative to other securities tied economically to international equity markets. 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 industry, market or company averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or groups of securities relative to international equity markets. In constructing the Fund’s portfolio, GMO considers a number of factors, including position size, market capitalization, liquidity, transaction costs and exposure to particular industries, sectors, countries, regions, and currencies. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, or currency. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and as a substitute for securities lending. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 equities (see “Name Policies”). The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, sectors, industries, issuers, currencies, countries, or regions (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Performance <div style="font-family: Times New Roman, Times, serif;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 a broad-based index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. Each of Class R6 shares and Class I shares bears higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.0759-0.10330.14430.2462-0.0649-0.05610.01710.2573-0.20550.2452~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20072 column dei_LegalEntityAxis compact ck0000772129_S000004224Member row primary compact * ~Highest Quarter:0.16832010-09-30Lowest Quarter:-0.19132011-09-30Year-to-Date-0.23972020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 16.83% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-19.13%</font> (3Q2011)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-23.97%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.24450.03540.04320.05800.22010.05670.05500.04900.24520.03610.04390.07210.23840.03040.03810.05840.15560.02980.03660.05830.22010.05670.05500.05300.24620.03670.04450.06120.22010.05670.05500.05141996-09-261998-01-091987-03-311998-01-091987-03-311987-03-311987-03-311996-09-26~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20073 column dei_LegalEntityAxis compact ck0000772129_S000004224Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Tax-Managed International Equities FundGTMIXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">High after-tax total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00650.00650.00650.00690.00690.00790.01340.01340.0144-0.0054-0.0054-0.00540.00800.00800.0090~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20076 column dei_LegalEntityAxis compact ck0000772129_S000004913Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 828282829292371371371371402402682682682682736736156615661566156616781678~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20077 column dei_LegalEntityAxis compact ck0000772129_S000004913Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20078 column dei_LegalEntityAxis compact ck0000772129_S000004913Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 65% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 52% of the average value of its portfolio. </div> 0.65Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in international equity markets. GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information and corporate behavior (such as corporate governance), sustainability criteria, securities’ prices, equity and other markets (e.g., bond and currency), the overall global economy, and governmental policies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent: 20pt; margin-top: 7pt; text-align: justify; width: 559pt; line-height: 11.5pt;">In selecting securities for the Fund, GMO uses a combination of investment methods to identify securities GMO believes have positive return potential relative to other securities tied economically to international equity markets. 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 industry, market or company averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or groups of securities relative to international equity markets. In constructing the Fund’s portfolio, GMO considers a number of factors, including position size, market capitalization, liquidity, transaction costs and exposure to particular industries, sectors, countries, regions, and currencies. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, or currency. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO may consider the tax effects of a proposed trade in conjunction with the return GMO forecasts for the securities to be purchased or sold and GMO’s assessment of their potential contribution to the overall portfolio. GMO also may consider the Fund’s realized and unrealized gains and losses and current market conditions. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and as a substitute for securities lending. Derivatives used may include futures, options, forward currency contracts, and swap contracts. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund typically invests directly and indirectly (e.g., through underlying funds or derivatives) in equities of companies tied economically to countries other than the United States, including both developed and emerging countries. Under normal circumstances, the Fund invests directly and indirectly at least 80% of its assets in equities (see “Name Policies”). The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. There can be no assurance that the Fund’s tax management strategies will be effective, and you may incur tax liabilities that exceed your economic return. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, sectors, industries, issuers, currencies, countries, or regions (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 (which is computed by GMO) and a broad-based index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.0949-0.08330.14680.2562-0.0754-0.0535-0.00360.2844-0.21240.2331~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20079 column dei_LegalEntityAxis compact ck0000772129_S000004913Member row primary compact * ~Highest Quarter0.17282010-09-30Lowest Quarter-0.19042011-09-30Year-to-Date-0.23022020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 17.28% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-19.04%</font> (3Q2011)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-23.02%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.23310.03300.04630.05830.22240.02540.04050.05210.14740.02710.03880.05030.20220.04140.04140.04030.22010.05670.05500.04381998-07-291998-07-291998-07-291998-07-291998-07-29~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20080 column dei_LegalEntityAxis compact ck0000772129_S000004913Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 (which is computed by GMO) and a broad-based index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO U.S. Equity FundGMCQXGMEQXGMRTXGMUEXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">High total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00460.00410.003950.003650.00460.00460.00030.00030.00030.00030.00030.00130.00490.00440.00430.00400.00490.0059-0.0003-0.0003-0.0003-0.0003-0.0003-0.00030.00460.00410.00400.00370.00460.0056~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20083 column dei_LegalEntityAxis compact ck0000772129_S000004081Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 474742424141383847475757154154138138135135125125154154186186271271243243238238221221271271326326613613552552539539502502613613735735~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20084 column dei_LegalEntityAxis compact ck0000772129_S000004081Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20085 column dei_LegalEntityAxis compact ck0000772129_S000004081Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 88% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 72% of the average value of its portfolio. </div> 0.88Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets primarily in U.S. equity markets. GMO selects the securities the Fund buys and sells based on its evaluation of companies’ published financial information and corporate behavior (such as corporate governance), sustainability criteria, securities’ prices, equity and other markets (e.g., bond and currency), the overall global economy, and governmental policies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">In selecting securities for the Fund, GMO uses a combination of investment methods to identify securities GMO believes have positive return potential relative to other securities tied economically to U.S. equity markets. 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 industry, market or company averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or groups of securities relative to U.S. equity markets. In constructing the Fund’s portfolio, GMO considers a number of factors, including position size, industry and sector exposure, market capitalization, liquidity and transaction costs. At times, the Fund may have substantial exposure to a single asset class, industry, sector or market capitalization. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and as a substitute for securities lending. Derivatives used may include futures, options, and swap contracts. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 underlying funds or derivatives) at least 80% of its assets in equities tied economically to the United States (see “Name Policies”). The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.44pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.44pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.44pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.44pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in asset classes sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.46pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.46pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.46pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.46pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.45pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.45pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Performance <div style="font-family: Times New Roman, Times, serif;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 two broad-based indices. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares* Years Ending December 31 0.08820.08070.12810.29610.09270.00650.13580.1846-0.09780.2857~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20086 column dei_LegalEntityAxis compact ck0000772129_S000004081Member row primary compact * ~Highest Quarter:0.13062019-03-31Lowest Quarter:-0.14122018-12-31Year-to-Date-0.21152020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 13.06% (1Q2019)<br/>Lowest Quarter: <font style="white-space:nowrap;">-14.12%</font> (4Q2018)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-21.15%</font> </div> <div style="font-size: 8pt;font-family: Times New Roman, Times, serif;text-align:justify; width:559pt; line-height:9pt;font-style:italic;">* 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). For periods during which the Fund or its predecessor had no Class V shares outstanding, Class V shares’ returns are those of the Fund’s Class IV shares, with no adjustment made to reflect the lower total annual operating expenses of Class V shares. Class V shares are invested in the same portfolio of securities as Class IV shares. Annual returns would principally differ to the extent Class V shares do not have the same expenses as Class IV shares. </div> Average Annual Total Returns* Periods Ending December 31, 2019 0.28570.09450.11430.11000.25060.06160.09220.08290.19240.06940.09070.08370.30900.11470.13520.31020.11240.13420.11130.28630.09540.11530.08170.30900.11470.13520.09920.31020.11240.13420.09921985-09-181985-09-181985-09-181985-09-182003-06-302003-06-302003-06-301985-09-18~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20087 column dei_LegalEntityAxis compact ck0000772129_S000004081Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 two broad-based indices.Effective April 1, 2020, the Fund changed its comparative broad-based index from the Russell 3000 Index to the S&P Composite 1500 Index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO U.S. Small Cap Value FundGCAVXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return in excess of its benchmark, the S&P SmallCap 600 Value Index. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00460.00410.003950.003650.00460.00460.00070.00070.00070.00070.00070.00170.00530.00480.00470.00440.00530.00630.00000.00000.00000.00000.00000.00000.00530.00480.00470.00440.00530.0063~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20090 column dei_LegalEntityAxis compact ck0000772129_S000065871Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 545449494848454554546464170170154154151151141141170170202202296296269269263263246246296296351351665665604604591591555555665665786786~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20091 column dei_LegalEntityAxis compact ck0000772129_S000065871Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20092 column dei_LegalEntityAxis compact ck0000772129_S000065871Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 initial fiscal period from July 2, 2019 through February 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 69% of the average value of its portfolio. 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 July 2, 2019 through February 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 56% of the average value of its portfolio. </div> 0.69Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">GMO seeks to achieve the Fund’s investment objective by investing primarily in equities of U.S. companies that are included in the S&P 600 Index or whose market capitalization at the time of investment is less than that of the 1000 largest publicly held companies. GMO determines the securities the Fund buys and sells based on its evaluation of companies’ published financial information and corporate behavior (such as corporate governance), sustainability criteria, securities’ prices, equity and other markets (e.g., bond and currency), the overall global economy, and governmental policies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">In selecting securities for the Fund, GMO uses a combination of investment methods to identify securities GMO believes have positive return potential relative to other securities tied economically to U.S. equity markets. 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 industry, market or company averages. Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or groups of securities relative to U.S. equity markets. In constructing the Fund’s portfolio, GMO considers a number of factors, including position size, industry and sector exposure, market capitalization, liquidity and transaction costs. At times, the Fund may have substantial exposure to a single asset class, industry, sector or market capitalization. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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, and as a substitute for securities lending. Derivatives used may include futures, options, and swap contracts. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 underlying funds or derivatives) at least 80% of its assets in equities tied economically to the United States. In addition, 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 “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. The term “small-cap companies” means companies whose market capitalization at the time of investment is less than that of the 1,000 largest companies or that are included in the S&P 600 Index. As of May 31, 2020, the market capitalization for the smallest of the 1,000 largest companies was approximately $31.1 million. As of May 31, 2020, the market capitalization for the companies comprising the S&P 600 Index ranged from approximately $31.1 million to $4.5 billion. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in asset classes sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 Emerging Markets FundGEMEXGEMNXGEMMXGEMVXGMEFXGMOEXGMEMXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return in excess of that of its benchmark, the MSCI Emerging Markets Index. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00870.00800.007550.007350.007050.00870.00870.00090.00090.00090.00090.00090.00090.00190.00010.00010.00010.00010.00010.00010.00010.00970.00900.00860.00840.00810.00970.0107-0.0003-0.0001-0.0002-0.0005-0.0005-0.0003-0.00080.00940.00890.00840.00790.00760.00940.0099~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20095 column dei_LegalEntityAxis compact ck0000772129_S000004911Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 969691918686818178789696101101306306286286272272263263254254306306332332533533497497475475461461445445533533582582118711871107110710591059103310339979971187118712981298~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20096 column dei_LegalEntityAxis compact ck0000772129_S000004911Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20097 column dei_LegalEntityAxis compact ck0000772129_S000004911Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 123% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 100% of the average value of its portfolio. </div> 1.23Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">GMO seeks to achieve the Fund’s investment objective by under normal circumstances investing at least 80% of the Fund’s net assets directly and indirectly (e.g., through underlying funds or derivatives) in investments tied economically to emerging markets (see “Name Policies”). “Emerging markets” include all markets that are not treated as “developed markets” in the MSCI World Index or MSCI EAFE Index. In addition to investing primarily in equities of companies tied economically to emerging markets, the Fund may invest in equities of companies that GMO believes are likely to benefit from growth in emerging markets. GMO expects that the Fund will have a value bias relative to its benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO uses proprietary quantitative techniques and fundamental analysis to evaluate and select countries, sectors, and equity investments based on factors including, but not limited to, valuation, quality, patterns of price movement and volatility, macroeconomic factors, and ESG (environmental, social and governance) criteria. In constructing the Fund’s portfolio, GMO considers a number of factors, including the trade-off among forecasted returns, risk relative to the benchmark, transaction costs, and liquidity. GMO also adjusts the Fund’s portfolio for factors such as position size, market capitalization, and exposure to particular industries, sectors, countries, regions, or currencies. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, or currency. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and as a substitute for securities lending. Derivatives used may include options, futures, forward currency contracts, swap contracts, and reverse repurchase agreements. The Fund’s foreign currency exposure may differ from the currency exposure represented by its equity investments. In addition, the Fund may overweight and underweight its positions in particular currencies relative to its benchmark. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.1pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.1pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in asset classes, industries, sectors, issuers, currencies, countries and regions (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests (including ETFs), including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 a broad-based index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. Each of Class R6 shares and Class I shares bears higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.2051-0.17100.1621-0.0586-0.0629-0.16150.16360.3205-0.12820.2214~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20098 column dei_LegalEntityAxis compact ck0000772129_S000004911Member row primary compact * ~Highest Quarter:0.20682010-09-30Lowest Quarter:-0.22962011-09-30Year-to-Date-0.24262020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 20.68% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-22.96%</font> (3Q2011)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-24.26%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.22090.06480.03410.07820.18440.05610.03680.06230.22140.06530.03460.07520.20920.05900.02850.06250.14110.05180.02940.06390.18440.05610.03680.05610.22180.06590.03540.09920.18440.05610.03680.09890.22320.06660.03590.10150.18440.05610.03680.10222003-08-041993-12-091993-12-091993-12-092003-06-301993-12-092003-08-041996-11-291996-11-292003-06-30~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20099 column dei_LegalEntityAxis compact ck0000772129_S000004911Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Emerging Domestic Opportunities FundGEDFXGEDOXGEDIXGEDSXGEDTXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00970.00900.008550.008350.008050.00970.00970.00080.00080.00080.00080.00080.00080.00170.00090.00090.00090.00090.00090.00090.00090.01140.01070.01030.01010.00980.01140.0123-0.0002-0.0002-0.0002-0.0002-0.0002-0.0002-0.00080.01120.01050.01010.00990.00960.01120.0115~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20102 column dei_LegalEntityAxis compact ck0000772129_S000029579Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 114114107107103103101101989811411411711736036033833832632632032031031036036038238262662658858856756755655654054062662666866813841384130413041258125812341234120012001384138414821482~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20103 column dei_LegalEntityAxis compact ck0000772129_S000029579Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20104 column dei_LegalEntityAxis compact ck0000772129_S000029579Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 235% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 186% of the average value of its portfolio.</div> 1.86Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">GMO seeks to achieve the Fund’s investment objective by under normal circumstances investing at least 80% of the Fund’s assets directly and indirectly (e.g., through underlying funds or derivatives) in investments tied economically to emerging markets (see “Name Policies”). The Fund primarily invests in equities of companies whose prospects are linked to the internal (“domestic”) development and growth of the world’s non-developed markets (“emerging markets”), including companies that provide goods and services to emerging market consumers. “Emerging markets” include all markets that are not treated as “developed markets” in the MSCI World Index or MSCI EAFE Index. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund’s investments are not limited to investments in companies located in any particular country or geographic region and often include investments in companies located in developed markets (e.g., the United States) when those companies are tied economically to emerging markets. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO’s investment process begins with country and sector allocation and then uses fundamental analytical techniques to select individual companies. In evaluating and selecting investments, GMO may consider many factors, including, among others, GMO’s assessment of an investment’s fundamentals, growth prospects, positioning relative to its competitors, and ESG (environmental, social, and governance) criteria. In constructing the Fund’s portfolio, GMO considers a number of factors, including the trade-off among forecasted returns, risk, transaction costs, and liquidity. The Fund may invest in securities of companies of any market capitalization. At times, the Fund may have substantial exposure to a single asset class, industry, sector, country, region, or currency. The factors GMO considers and investment methods GMO uses can change over time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">As an alternative to investing directly in equities and fixed income securities, 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 and as a substitute for securities lending. At any given time the Fund may have material exposure to ETFs. Derivatives used may include options, futures, forward currency contracts, swap contracts, and reverse repurchase agreements. The Fund’s foreign currency exposure may differ from the currency exposure represented by its equity investments. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund also may invest in fixed income securities of any maturity or credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)). 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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.13pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.13pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.13pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests (including ETFs), including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.13pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – The Fund’s investments in companies whose prospects are linked to the internal development and growth of a particular emerging market country create additional risk because the performance of those companies is likely to be highly correlated. In addition, Investments focused in asset classes, industries, sectors, issuers, currencies, countries and regions (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 a broad-based index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class II shares. Class R6 and Class I shares would have substantially similar annual returns to Class II shares because they invest in the same portfolio of securities. Their annual returns would differ from Class II shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class II shares, Class I shares bear higher expenses than Class II shares and therefore 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 II shares only; after-tax returns for other classes will vary. Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class II Shares Years Ending December 31 0.25080.0340-0.0069-0.08300.04040.3747-0.20410.1933~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20105 column dei_LegalEntityAxis compact ck0000772129_S000029579Member row primary compact * ~Highest Quarter:0.12662012-03-31Lowest Quarter:-0.10522015-09-30Year-to-Date-0.20292020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 12.66% (1Q2012)<br/>Lowest Quarter: <font style="white-space:nowrap;">-10.52%</font> (3Q2015)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-20.29%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.19330.04490.04640.17660.03350.03800.11930.03380.03600.18440.05610.02300.19450.04560.05370.18440.05610.04820.19470.04640.03610.18440.05610.03962011-03-242011-03-242011-03-242013-11-292012-06-292013-11-292012-06-292011-03-24~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20106 column dei_LegalEntityAxis compact ck0000772129_S000029579Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(returns reflect no deduction for fees or expenses, but are net of withholding tax on dividend reinvestments)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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 II shares only; after-tax returns for other classes will vary.GMO High Yield FundGHVIXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return in excess of that of its benchmark, the Markit iBoxx USD Liquid High Yield Index. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00500.00450.004350.004050.00500.00500.00140.00140.00140.00140.00140.00240.00010.00010.00010.00010.00010.00010.00650.00600.00590.00560.00650.00750.00000.00000.00000.00000.00000.00000.00650.00600.00590.00560.00650.0075~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20109 column dei_LegalEntityAxis compact ck0000772129_S000061716Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 666661616060575766667777208208192192189189179179208208240240362362335335329329313313362362417417810810750750738738701701810810930930~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20110 column dei_LegalEntityAxis compact ck0000772129_S000061716Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20111 column dei_LegalEntityAxis compact ck0000772129_S000061716Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 214% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 105% of the average value of its portfolio.</div> 1.05Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The Fund’s investment objective is total return (which is 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, factor-based approach to portfolio construction. Through its research, GMO has identified factors that it believes affect returns across the high yield asset class. GMO uses quantitative models, index sampling techniques, and diversification, liquidity, and cost management considerations to make investment decisions for the Fund. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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”), swaps on the credit default swap index (CDX) and other high yield indices, and swaps on ETFs. The Fund also may invest in non-U.S. high yield bonds and other instruments providing non-U.S. high yield bond exposure. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 (but is not obligated to) 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, options, futures, swap contracts, swaptions, and foreign currency derivative transactions. 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 heightened risk of loss during those times. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">For collateral and cash management purposes, the Fund may invest in cash equivalents (e.g., Treasury bills, Treasury floating rate notes and Federal Home Loan Bank discount notes and other agency notes), money market instruments, other fixed income securities (including non-U.S. fixed income securities) and instruments (including corporate notes, convertible debt securities and preferred securities) and derivatives they underlie, as well as other investment companies (including ETFs, unit investment trusts, and closed-end funds) that invest primarily in high yield debt investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 Policy”). 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 using derivatives. “High yield bonds” generally include those bonds rated BB+ and lower by S&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 those with such ratings. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in any underlying funds in which it invests. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in any underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those 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 may involve substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to payment defaults and insolvency proceedings on the part of their issuers. 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 to seek recovery. 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 investment or may be required to accept cash or instruments worth less than its original investment.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>The Fund is indirectly exposed to all of the risks of an investment in any underlying funds (including ETFs) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in asset classes, countries, regions, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk</font> – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 (which is a broad-based index). As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class VI shares. Class R6 and Class I shares would have substantially similar annual returns to Class VI shares because they invest in the same portfolio of securities. Their annual returns would differ from Class VI shares to the extent that they bear different expenses. Class R6 and Class I shares bear higher expenses than Class VI shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class VI Shares Years Ending December 31 0.1433~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20112 column dei_LegalEntityAxis compact ck0000772129_S000061716Member row primary compact * ~Highest Quarter:0.07282019-03-31Lowest Quarter:0.01142019-09-30Year-to-Date-0.11212020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 7.28% (1Q2019)<br/>Lowest Quarter: 1.14% (3Q2019)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-11.21%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.14330.08730.10910.05480.08460.05270.14650.07772018-06-252018-06-252018-06-252018-06-25~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20113 column dei_LegalEntityAxis compact ck0000772129_S000061716Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes, but are net of withholding tax on dividend reinvestments)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.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 (which is a broad-based index).As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Multi-Sector Fixed Income Fund (formerly known as “GMO Core Plus Bond Fund”)​GUGAXGPBFXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return in excess of that of its benchmark, the Bloomberg Barclays U.S. Aggregate Index. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00400.00350.00400.00400.00050.00050.00050.00150.00160.00160.00160.00160.00610.00560.00610.0071-0.0016-0.0016-0.0016-0.00160.00450.00400.00450.0055~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20116 column dei_LegalEntityAxis compact ck0000772129_S000004917Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 4646414146465656179179163163179179211211324324297297324324379379747747686686747747867867~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20117 column dei_LegalEntityAxis compact ck0000772129_S000004917Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20118 column dei_LegalEntityAxis compact ck0000772129_S000004917Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 285% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 215% of the average value of its portfolio. </div> 2.85Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund’s investment program has two principal components. One component seeks to achieve a return commensurate with that of the Fund’s benchmark. The second component seeks to add value relative to the Fund’s benchmark by making investments that often will not track its benchmark. These investments principally include global interest rate and currency derivatives and indirect (through other GMO Funds and exchange-traded funds (ETFs)) and direct investments in asset-backed, corporate, government and emerging country debt securities. This second component can cause the Fund’s performance to differ significantly from that of its benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">In deciding what investments to make in global interest rate and currency markets and the size of those investments, GMO uses a quantitative approach that considers fundamental factors (e.g., inflation and current account positions) as well as price-based factors (e.g., interest and exchange rates). GMO evaluates the relative attractiveness of particular markets and instruments using various fixed income risk premium measures, which typically include term structure, foreign exchange, volatility, credit, liquidity and other risks. GMO also may consider the relative attractiveness of yield curve and duration positions in these markets. In addition, GMO seeks to identify opportunities arising from unusual market conditions not otherwise identified by its quantitative models and uses various portfolio construction techniques to manage risk. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">In making decisions regarding credit investments, GMO seeks to take advantage of its proprietary investment models to opportunistically allocate the Fund’s assets among credit sectors (e.g., investment grade and high yield) and to systematically identify investments within those credit sectors with the best risk/return profiles. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">The factors GMO considers and investment methods GMO uses can change over time. In pursuing its investment program, the Fund may make investments in: (i) bonds denominated in various currencies, including non-U.S. and U.S. government bonds and corporate bonds; (ii) shares of Opportunistic Income Fund (to provide exposure to credit (particularly, asset-backed) markets); (iii) shares of Emerging Country Debt Fund (“ECDF”) (to provide exposure to emerging country debt securities); (iv) ETFs; and (v) shares of U.S. Treasury Fund, money market funds unaffiliated with GMO, and the types of investments typically held by money market funds. The Fund may also engage in short sales and invest in derivatives, including without limitation, to-be-announced transactions, futures contracts, currency and interest rate options, currency forwards, repurchase agreements and reverse repurchase agreements, and swap contracts, such as swaps on securities and securities indices, total return swaps, interest rate swaps, and currency swaps, and other types of derivatives. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">As a result primarily of its investment in shares of Opportunistic Income Fund and ECDF, the Fund has and expects to continue to have material exposure to U.S. asset-backed and emerging country debt securities that are below investment grade (below investment grade debt investments are sometimes referred to as “high yield” or “junk bonds,” although these terms are not generally used to refer to emerging country debt securities or asset-backed securities). </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO normally seeks to maintain an annualized tracking error (standard deviation) relative to the Fund’s benchmark of 1-3% over a complete market cycle and an estimated interest rate duration within 2 years of the benchmark’s duration (approximately 6 years as of 5/31/20). For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 other GMO Funds or derivatives) at least 80% of its assets in 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 using derivatives (e.g., a futures contract, swap contract, currency forward, or option). </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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 heightened risk of loss during those times. 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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities – </font>The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.21pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.21pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk – </font>The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.2pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>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. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.2pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.2pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in countries, regions, sectors, industries, asset classes, or issuers that are subject to the same or similar risk factors and investments whose 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 greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.13270.08760.09980.00490.0954-0.01550.01370.04450.02110.0964~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20119 column dei_LegalEntityAxis compact ck0000772129_S000004917Member row primary compact * ~Highest Quarter:0.04422010-03-31Lowest Quarter:-0.03572013-06-30Year-to-Date0.01312020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 4.42% (1Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-3.57%</font> (2Q2013)<br/>Year-to-Date (as of 3/31/20): 1.31% </div> Average Annual Total Returns Periods Ending December 31, 2019 0.09640.03140.05700.05330.07260.01290.03680.02820.05760.01560.03580.03070.08720.03050.03750.05160.09650.03220.05760.04240.08720.03050.03750.04202005-07-261997-04-301997-04-301997-04-301997-04-302005-07-26~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20120 column dei_LegalEntityAxis compact ck0000772129_S000004917Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Emerging Country Debt FundGMCDXGMDFXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The tables below describe the fees and expenses that you may bear for each class of shares if you buy and hold shares of the Fund. </div> 0.01500.0150-0.0150-0.01500.00500.00450.00040.00040.00540.00490.00000.00000.00540.0049~ http://www.gmo.com/20200630/role/ScheduleShareholderFees20123 column dei_LegalEntityAxis compact ck0000772129_S000004922Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20124 column dei_LegalEntityAxis compact ck0000772129_S000004922Member row primary compact * ~Shareholder fees (fees paid directly from your investment)2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual 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 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> 3593544894736316041045986204199320305447420817757~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20125 column dei_LegalEntityAxis compact ck0000772129_S000004922Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20126 column dei_LegalEntityAxis compact ck0000772129_S000004922Member row primary compact * ~If you sell your sharesIf you do not sell your sharesPortfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 40% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 41% of the average value of its portfolio. </div> 0.40Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent: 20pt; margin-top: 1pt; text-align: justify; width: 559pt; line-height: 12pt;">The Fund invests primarily in non-local currency denominated debt (“external debt”) of emerging market sovereign and quasi-sovereign issuers. “Sovereign” refers to a government and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. 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 be countries that are included in the Fund’s benchmark or that have similar national domestic products or default histories to those of countries included in the Fund’s benchmark. The Fund’s performance is likely to be more volatile than that of its benchmark.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund typically gains its investment exposure by purchasing debt investments or by using derivatives, typically credit default swaps. The Fund may invest in debt investments of all credit qualities, including securities that are in default, and may invest in corporate bonds. (The debt investments in which the Fund invests includes below investment grade debt investments, which are sometimes referred to as “high yield” or “junk bonds,” although these terms are not generally used to refer to emerging country debt securities.) The debt investments in which the Fund invests are usually denominated in U.S. dollars, Euros, Japanese yen, Swiss francs, or British pounds sterling, although the Fund also may invest in debt investments that are denominated in local currencies. After hedging, U.S. dollars typically comprise at least 75% of the Fund’s exposures. The Fund typically invests in less liquid debt instruments with the intention of holding them for an extended period of time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">When constructing the portfolio, GMO considers risk at both the portfolio and individual security level and generally takes into account, among other factors, interest rate duration, credit spread duration, liquidity, transaction costs and default duration as well as the idiosyncratic risk of each instrument. When making investment decisions, GMO typically relies more heavily on its assessment of the risk-reward characteristics of the individual instruments in a given country than on its outlook for that particular country. GMO uses fundamental analytical techniques as the basis for its analysis with respect to both individual instrument selection and country outlook, incorporating aspects of ESG (environmental, social, and governance) criteria in so doing. The factors GMO considers and investment methods GMO uses can change over time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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. 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 heightened risk of loss during those times. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 7.5 years as of May 31, 2020). For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.” </div> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. In addition, investments in emerging country sovereign or quasi-sovereign debt involve 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 default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>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. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities – </font>The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 a composite index computed by GMO that tracks historical changes in the Fund's benchmark over time (which has always been comprised of broad-based indices) and the Fund's prior benchmark (which is a broad-based index). 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. 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.25640.07500.2673-0.01180.05980.00020.13860.1248-0.05910.1428~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20127 column dei_LegalEntityAxis compact ck0000772129_S000004922Member row primary compact * ~Highest Quarter:0.12312010-09-30Lowest Quarter:-0.05332013-06-30Year-to-Date-0.14482020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 12.31% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-5.33%</font> (2Q2013)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-14.48%</font></div> Average Annual Total Returns Periods Ending December 31, 2019 0.10880.05970.09130.13610.08000.02900.05730.08550.06430.03170.05660.08620.14420.05880.06570.09850.14420.05880.06570.09910.10950.06020.09190.10650.14420.05880.06570.08240.14420.05880.06570.08311998-01-091998-01-091994-04-191994-04-191994-04-191998-01-091994-04-191994-04-19~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20128 column dei_LegalEntityAxis compact ck0000772129_S000004922Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.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.(reflects no deduction for fees, expenses, or taxes)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.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 over time (which has always been comprised of broad-based indices) and the Fund's prior benchmark (which is a broad-based index).Effective March 1, 2020, the Fund changed its benchmark from the J.P. Morgan EMBI Global to the J.P. Morgan EMBI Global Diversified because GMO believes the J.P. Morgan EMBI Global Diversified is more appropriate in light of the Fund’s investment strategy. 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 Plus 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.Returns in the table reflect current purchase premiums and redemption fees.www.gmo.comActual 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.GMO Emerging Country Debt Shares FundInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The tables below describe the fees and expenses that you may bear for each class of shares if you buy and hold shares of the Fund. </div> 0.00000.01500.0000-0.01500.00500.00500.00410.00510.00540.00540.01450.0155-0.0091-0.00910.00540.0064~ http://www.gmo.com/20200630/role/ScheduleShareholderFees20131 column dei_LegalEntityAxis compact ck0000772129_S000068930Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20132 column dei_LegalEntityAxis compact ck0000772129_S000068930Member row primary compact * ~Shareholder feesThe amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year.2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual 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 remain the same as those shown in the table. The one year amounts shown reflect the fee waiver and 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> 359369679709204214513544~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20133 column dei_LegalEntityAxis compact ck0000772129_S000068930Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20134 column dei_LegalEntityAxis compact ck0000772129_S000068930Member row primary compact * ~If you sell your sharesIf you do not sell your sharesPortfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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, when Fund shares are held in a taxable account, higher taxes. These transaction costs, which are not reflected in Annual Fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the fiscal year ended February 29, 2020, the Fund has no reportable portfolio turnover rate. </div> Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The Fund invests substantially all of its assets in Class III shares of Emerging Country Debt Fund (“ECDF”). ECDF invests in securities and other instruments. The Fund’s investment objective and principal investment strategies are substantially similar to those of ECDF. Except as otherwise indicated, references to the Fund may also refer to the ECDF, and references to actions undertaken or investments held by the Fund may also refer to those by ECDF. GMO serves as investment adviser for both the Fund and ECDF. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund invests primarily in non-local currency denominated debt (“external debt”) of emerging market sovereign and quasi-sovereign issuers. “Sovereign” refers to a government and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. 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 be countries that are included in the Fund’s benchmark or that have similar national domestic products or default histories to those of countries included in the Fund’s benchmark. The Fund’s performance is likely to be more volatile than that of its benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund typically gains its investment exposure by purchasing debt investments or by using derivatives, typically credit default swaps. The Fund may invest in debt investments of all credit qualities, including securities that are in default, and may invest in corporate bonds. (The debt investments in which the Fund invests includes below investment grade debt investments, which are sometimes referred to as “high yield” or “junk bonds,” although these terms are not generally used to refer to emerging country debt securities.) The debt investments in which the Fund invests are usually denominated in U.S. dollars, Euros, Japanese yen, Swiss francs, or British pounds sterling, although the Fund also may invest in debt investments that are denominated in local currencies. After hedging, U.S. dollars typically comprise at least 75% of the Fund’s exposures. The Fund typically invests in less liquid debt instruments with the intention of holding them for an extended period of time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">When constructing the portfolio, GMO considers risk at both the portfolio and individual security level and generally takes into account, among other factors, interest rate duration, credit spread duration, liquidity, transaction costs and default duration as well as the idiosyncratic risk of each instrument. When making investment decisions, GMO typically relies more heavily on its assessment of the risk-reward characteristics of the individual instruments in a given country than on its outlook for that particular country. GMO uses fundamental analytical techniques as the basis for its analysis with respect to both individual instrument selection and country outlook, incorporating aspects of ESG (environmental, social, and governance) criteria in so doing. The factors GMO considers and investment methods GMO uses can change over time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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. 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 heightened risk of loss during those times. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 7.5 years as of May 31, 2020). For an additional discussion of duration, see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Bond Funds — Duration.” </div> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. Because the Fund invests substantially all of its assets in Class III shares of ECDF, the most significant risks of investing in the Fund are the risks to which the Fund is exposed through ECDF, which include those outlined in the following brief summary of principal risks. ECDF is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by ECDF may affect ECDF’s performance more than if ECDF were a diversified investment company. In addition to the risks to which the Fund is exposed through its investment in ECDF, the Fund is subject to the risk that cash flows into or out of the Fund will cause its performance to be worse than the performance of ECDF. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.79pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.79pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset- backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. In addition, investments in emerging country sovereign or quasi-sovereign debt involve 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 default. Investments in quasi-sovereign debt also are subject to the risk that the issuer will default independently of its sovereign. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.8pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.79pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.79pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.79pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.79pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.8pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.79pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.79pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.79pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 4.79pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>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. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities – </font>The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> Many factors can affect this value, and you may lose money by investing in the Fund.Performance <div style="font-family: Times New Roman, Times, serif;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 a broad-based index and a composite index computed by GMO that tracks historical changes in ECDF's benchmark over time (which has always been comprised of broad-based indices). As of the date of this Prospectus, the Fund had not commenced operations. <font style="font-weight:bold;">Returns shown are those of ECDF (Class III shares), adjusted to reflect the gross expenses (on a percentage basis) that are expected to be borne by shareholders of each class of shares of the Fund, as reflected in the Annual Fund operating expenses table.</font> The impact of ECDF's 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 the impact of ECDF’s current purchase premiums and redemption fees. 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 I shares only; after-tax returns for other classes will vary. Updated performance information for the Fund and ECDF is or will be (as applicable) available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class I Shares Years Ending December 31 0.25520.07390.2660-0.01280.0587-0.00080.13740.1237-0.06000.1417~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20135 column dei_LegalEntityAxis compact ck0000772129_S000068930Member row primary compact * ~Highest Quarter:0.12282010-09-30Lowest Quarter:-0.05362013-06-30Year-to-Date-0.14502020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:42.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 12.28% (3Q2010)<br/>Lowest Quarter: -5.36% (2Q2013)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-14.50%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.10770.05870.09020.13490.07770.02660.05470.08380.06360.03020.05500.08500.10880.05970.09130.13610.14420.05880.06570.09850.14420.05880.06570.09911994-04-191994-04-191994-04-191994-04-191994-04-191994-04-19~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20136 column dei_LegalEntityAxis compact ck0000772129_S000068930Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.The impact of ECDF's 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.(reflects no deduction for fees, expenses, or taxes)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.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 index and a composite index computed by GMO that tracks historical changes in ECDF's benchmark over time (which has always been comprised of broad-based indices).Effective March 1, 2020, ECDF changed its benchmark from the J.P. Morgan EMBI Global to the J.P. Morgan EMBI Global Diversified because GMO believes the J.P. Morgan EMBI Global Diversified is more appropriate in light of ECDF’s investment strategy.As of the date of this Prospectus, the Fund had not commenced operations.Returns in the table reflect the impact of ECDF’s current purchase premiums and redemption fees.www.gmo.comActual 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 I shares only; after-tax returns for other classes will vary.GMO Opportunistic Income FundGMOLXGMOHXGMODXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Capital appreciation and current income. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00550.004550.00550.00550.00060.00050.00060.00180.00610.00510.00610.0073-0.0004-0.0004-0.0004-0.00060.00570.00470.00570.0067~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20139 column dei_LegalEntityAxis compact ck0000772129_S000007516Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 5858484858586868191191160160191191227227336336281281336336400400758758637637758758901901~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20140 column dei_LegalEntityAxis compact ck0000772129_S000007516Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20141 column dei_LegalEntityAxis compact ck0000772129_S000007516Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 48% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 47% of the average value of its portfolio. </div> 0.48Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund invests primarily in securitized credit securities. Securitized credit securities include, but are not limited to, commercial and residential (non-agency and, typically to a lesser extent, agency) mortgage-backed securities, collateralized loan obligations, and securities backed by pools of receivables in various industries, such as student loans and automobiles. 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 instrumentsissued 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:11.5pt;">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 maturity or duration with fixed, floating, or variable rates; equity real estate investment trusts; securities of other investment companies (including other GMO Funds) that invest primarily in fixed income securities; corporate debt securities of any quality and maturity, including high-yield securities (also known as “junk bonds”); and securities that are not rated by any rating agency. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund’s allocation of its assets into various asset classes within the fixed income market will depend on the views of GMO as to 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 may cause the Fund to sell investments if it determines that any of these factors have changed materially from its initial analysis or that other factors indicate that an investment is no longer earning a return commensurate with its risk. GMO attempts to diversify risks that arise from position sizes, sectors and geographies, ratings, duration, deal structure and collateral values, and seeks to limit risk of principal loss by causing the Fund to invest in securities or other instruments that it considers undervalued. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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, 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 heightened risk of loss during those times. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.67pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities – </font>The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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 below investment grade asset-based and mortgage-backed securities (including non-agency and unregistered asset-backed securities) may change over time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.67pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.67pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in countries, regions, sectors, asset classes, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.89pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, and counterparty risk. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk – </font>The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.89pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.89pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 4.9pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:6.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:6.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class VI shares. Class R6 and Class I shares would have substantially similar annual returns to Class VI shares because they invest in the same portfolio of securities. Their annual returns would differ from Class VI shares to the extent that they bear different expenses. Class R6 and Class I shares bear higher expenses than Class VI shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class VI Shares* Years Ending December 31 0.11900.05760.04450.01670.05140.06410.04020.0383~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20142 column dei_LegalEntityAxis compact ck0000772129_S000007516Member row primary compact * ~Highest Quarter:0.04692012-09-30Lowest Quarter:-0.00082015-09-30Year-to-Date-0.04052020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 4.69% (3Q2012)<br/>Lowest Quarter: <font style="white-space:nowrap;">-0.08%</font> (3Q2015)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-4.05%</font> </div> <div style="font-family: Times New Roman, Times, serif;text-align:justify; width:559pt; line-height:8.5pt;font-style:italic;font-size:8pt;">* 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> Average Annual Total Returns*,† Periods Ending December 31, 2019 0.03830.04200.05180.01540.02770.03760.02270.02600.03480.06440.02620.02592011-10-032011-10-032011-10-032011-10-03~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20143 column dei_LegalEntityAxis compact ck0000772129_S000007516Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 index.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Strategic Short-Term FundInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return in excess of the FTSE 3-Month Treasury Bill Index consistent with capital preservation and daily liquidity. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00150.001050.00150.00150.00050.00050.00050.00150.00200.00160.00200.00300.00000.00000.00000.00000.00200.00160.00200.0030~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20146 column dei_LegalEntityAxis compact ck0000772129_S000062268Member row primary compact * ~The amounts represent an annualized estimate of the Fund’s operating expenses for its initial fiscal year.2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 20201616202031316464525264649797~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20147 column dei_LegalEntityAxis compact ck0000772129_S000062268Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20148 column dei_LegalEntityAxis compact ck0000772129_S000062268Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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. Because the Fund had not commenced operations as of the fiscal year ended February 29, 2020, the Fund has no reportable portfolio turnover rate. </div> Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent: 20pt; margin-top: 1pt; text-align: justify; width: 559pt; line-height: 11.5pt;">The Fund seeks total return (net of fees) in excess of the FTSE 3-Month Treasury Bill Index, consistent with capital preservation and daily liquidity. The Fund invests primarily in high quality liquid assets, including fixed income securities and floating rate notes issued by the U.S. government and its agencies and instrumentalities; fixed income securities issued by non-U.S. developed countries and their agencies and instrumentalities; money market instruments (including corporate debt and commercial paper); reverse repurchase agreements; and repurchase agreements. The Fund also may invest in other exchange-traded and over-the-counter (OTC) derivatives, such as forward currency contracts or other instruments intended to hedge non-U.S. currency exposure. The Fund has a fundamental investment policy to concentrate its investments in the fixed income securities of the governments, agencies or instrumentalities of the United States and other developed market countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund’s fixed income securities may include all types of interest rate, payment, and reset terms. While the Fund primarily invests in high quality liquid assets, it may invest in securities that are not high quality and may hold bonds and other fixed income securities whose ratings were reduced below high quality after they were acquired. “High quality” liquid assets include securities and commercial paper that are rated Aa/P-1 or better by Moody’s or AA/A-1 or better by S&P and other securities (including securities that are unrated or rated by ratings organizations other than Moody’s and S&P) that GMO determines have comparable credit qualities. The Fund also may invest in agency and supra sovereign securities, such as those issued by the Federal Home Loan Bank and the World Bank, and in money market funds unaffiliated with GMO. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;font-weight:bold;">The Fund is not a money market fund and is not subject to the maturity, quality, diversification and other requirements applicable to money market funds.<font style="font-weight:normal;"> </font></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO will normally seek to maintain a dollar-weighted average maturity of two years or less for the Fund’s portfolio. GMO will normally seek to maintain an estimated interest rate duration of 365 days 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.” GMO estimates the Fund’s dollar-weighted average interest rate duration by aggregating the durations of the Fund’s direct and indirect individual holdings and weighting each holding based on its market value. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">In selecting investments for the Fund’s portfolio, GMO focuses primarily on the relative attractiveness of an investment by examining its expected total return, liquidity, diversification and credit quality. The factors GMO considers and investment methods GMO uses can change over time. </div> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in any underlying funds in which it invests. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in any underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.13pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-style:italic;"> <font style="font-style:normal;">•</font> <br/> </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.13pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-style:italic;">Market Risk – Fixed Income – <font style="font-style:normal;">The market price of a fixed income security can decline due to market-related factors, primarily rising interest rates. </font></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.14pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Securities issued by the U.S. government 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. Securities issued by non-U.S. developed countries are subject to the same risks and associated decrease in value. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.14pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.14pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. The Fund also runs the risk 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 Alternative Allocation FundGAAGXGAAVXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Positive total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00950.00880.008350.008150.007850.00950.00950.00530.00530.00530.00530.00530.00530.00630.00290.00290.00290.00290.00290.00290.00290.00240.00240.00240.00240.00240.00240.00340.00110.00110.00110.00110.00110.00110.00110.01590.01520.01480.01460.01430.01590.0169-0.0027-0.0027-0.0027-0.0027-0.0027-0.0027-0.00270.01320.01250.01210.01190.01160.01320.0142~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20151 column dei_LegalEntityAxis compact ck0000772129_S000065268Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 13413412712712312312112111811813413414514547547545445444144143543542642647547550650684084080380378278277277275675684084089289218661866179017901745174517231723169016901866186619751975~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20152 column dei_LegalEntityAxis compact ck0000772129_S000065268Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20153 column dei_LegalEntityAxis compact ck0000772129_S000065268Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 initial fiscal period from May 1, 2019 through February 29, 2020, 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 250% of the average value of its portfolio. 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 1, 2019 through February 29, 2020, (including the accounts of GMO Alternative Allocation SPC Ltd., and excluding transactions in U.S. Treasury Fund and other short-term investments) was 243% of the average value of its portfolio. </div> 2.50Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 while having a low correlation to traditional equity market indices. The Fund invests directly or indirectly (through other GMO funds) in a combination of GMO investment strategies. The Fund will typically have exposure to multiple underlying strategies, and at any given time the Fund may have significant exposure to one or more strategies. Below is a non-exhaustive list of the strategies in which GMO expects the Fund to invest: </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fixed Income Absolute Return:</font>   strategy of exploiting opportunities in global debt and currency markets by investing in fixed income instruments of varying maturities, durations and credit qualities (including bonds, forward contracts, swap contracts or other derivatives) </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Event Driven/Merger Arbitrage:</font>   strategy of investing primarily in equity securities of companies that GMO expects to experience a material corporate event or catalyst in the relative short-term. These events are typically agreed-to merger and acquisition transactions but may also include corporate buy-ins, hostile mergers, pre-bid acquisitions, corporate spin-offs, likely transactions, restructurings, and corporate litigation and regulatory events. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Systematic Put Writing:</font>   put option writing strategy on U.S. and non-U.S. stock indices based on GMO’s evaluation of the income the Fund can receive for writing put options on a given index relative to the income for writing put options on other indices, taking into consideration the historical risk premium for writing put options on those indices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Global Macro:</font>   long/short strategy across a range of global equity, bond, currency, and commodity markets using exchange-traded futures, forward currency contracts, and swaps on commodity indices, as well as other investments, taking advantage of GMO’s proprietary investment models for systematic global tactical asset allocation and equity, bond, currency and commodity market selection. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;"> <font style="font-style:italic;">Long/Short Equities:</font>   global, regional and/or industry-specific long-short equity exposures </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Long/Short Asset Allocation:</font>   strategy taking long positions in asset and sub-asset classes that GMO expects will outperform relative to the asset and sub-asset classes to which the Fund has short investment exposure. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">High Yield:</font>   systematic, factor-based strategy of investing in high yield 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, exchange-traded funds (“ETFs”), total return swaps on high yield indices, and options on ETFs and high yield indices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO may eliminate or add new strategies at any time, and the factors GMO considers can change over time. The Fund may have long and/or short exposure to any asset class (e.g., U.S. equity, international equity, emerging market equity, developed and emerging market fixed income) and may utilize exchange-traded and over-the-counter derivatives of any kind. The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. 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 heightened risk of loss during those times. The Fund may invest in securities of any credit quality (including below investment grade securities commonly referred to as “high yield” or “junk bonds”) or maturity. The Fund may invest in securities of companies of any market capitalization. The Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 additional management or other fees for its services. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in its wholly-owned subsidiary and in any underlying funds in which it invests. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in its wholly-owned subsidiary and in any underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.02pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.02pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results, including annualized returns the Fund is seeking to achieve. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.03pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.02pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.02pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.02pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.02pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>The market price of an equity security 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 due to GMO’s incorrect assessment. When the Fund writes put options on stock indices, the value of those options will decline when the value of those indices 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 those markets rise sharply. 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 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. In addition, the value of the Fund’s shares will be adversely affected if the equities or other assets that are the subjects of the Fund’s short exposures appreciate in value. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk — Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.01pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.01pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations, or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin, or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>The Fund is indirectly exposed to all of the risks of an investment in its wholly-owned subsidiary and the underlying funds (including ETFs) in which it invests, including the risk that its wholly-owned subsidiary and those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk – </font>The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Merger Arbitrage Risk – </font>If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk – </font>Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in asset classes, countries, regions, sectors, industries, currencies, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">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 Risk Premium FundGMOKXGMRVXGMRPXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00400.00350.003350.003050.00400.00400.00040.00040.00040.00050.00040.00140.00440.00390.00380.00360.00440.0054-0.0004-0.0004-0.0004-0.0005-0.0004-0.00040.00400.00350.00340.00310.00400.0050~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20156 column dei_LegalEntityAxis compact ck0000772129_S000038360Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 414136363535323241415151137137121121118118111111137137169169242242215215209209197197242242298298551551489489476476451451551551673673~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20157 column dei_LegalEntityAxis compact ck0000772129_S000038360Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20158 column dei_LegalEntityAxis compact ck0000772129_S000038360Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 42% of the average value of its portfolio. </div> 0.42Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund seeks to capture returns commensurate with the equity risk premium over a full market cycle with less volatility than global equity markets primarily by selling (writing) put options on stock indices. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent: 20pt; margin-top: 7pt; text-align: justify; width: 559pt; line-height: 11.5pt;">The Fund writes put options on U.S. and non-U.S. (e.g., Europe, United Kingdom, Japan, Hong Kong, Canada, and Australia) stock indices. In determining the indices on which the Fund writes put options, GMO evaluates the income the Fund can receive for writing put options on a given index relative to the income it could receive for writing put options on other indices, taking into consideration the historical risk premium for writing put options on those indices. GMO also evaluates the relative liquidity of option markets and estimated transaction costs. At any given time, the Fund may have substantial exposures to one or only a few stock indices. The Fund’s performance can depend substantially on the performance of assets or indices underlying the options it has written even though it does not own those assets or indices. The Fund may write put options with any strike price or duration.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund’s options may be of any type, including options on global, regional and country stock indices, options on exchange-traded funds (ETFs), exchange-traded options and over-the-counter (OTC) options, and may be cash-settled or physically settled. In addition, the Fund’s options may be tied economically to any country in the world, including emerging countries. The Fund may invest in forward currency contracts to manage its currency exposure and may have exposure (e.g., through options on securities indices) to securities of companies of any market capitalization. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO expects that the Fund’s put option positions typically will be fully collateralized at the time the Fund writes them. GMO, therefore, expects that the Fund will hold sufficient assets to cover the maximum possible loss the Fund might sustain upon the exercise of a put option it has written. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The factors GMO considers and investment methods GMO uses can change over time. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">For collateral and cash management purposes, the Fund invests a substantial portion of its assets in cash directly (e.g., Treasury bills, Treasury floating rate notes, Treasury Separately Traded Registered Interest and Principal Securities (“STRIPS”), Federal Home Loan Bank discount notes, and other agency notes), money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. The Fund also may invest in shares of U.S. Treasury Fund. </div> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund, or of a particular security or asset underlying an option written by the Fund, may affect the Fund’s performance more than if the Fund were a diversified investment company. Writing a put option on an equity index exposes the Fund to all of the risks of investing directly in the equities in that index. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>Because the Fund writes put options on stock indices, GMO generally expects the Fund’s net asset value to decline when the value of those indices declines. The value of an index depends on the value of the equity securities in the index, and the market price of an equity security may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. Also, the Fund’s investment strategy of writing put options on stock indices can be expected to cause the Fund to underperform relative to those indices when those markets rise sharply. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from closing its option positions at desirable prices. The Fund’s ability to sell put options depends on the liquidity of the options market. That market may not be liquid when the Fund seeks to close out an option position. If the Fund receives a request from a shareholder to redeem a substantial number of shares and the Fund is unable to close out a put option it has written, the Fund may not have sufficient assets to cover the maximum possible loss it would sustain if all the put options written by the Fund were exercised. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.18pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.18pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member holding a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Because the Fund can have substantial exposure through a limited number of options contracts and because the Fund’s exposures may relate to relatively few stock indices, the Fund is subject to more risk than if the Fund’s investments were more diversified. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates and put options written on non-U.S. indices can adversely affect the market value of investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-style:italic;"> <font style="font-style:normal;">•</font> <br/> </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-style:italic;">Market Risk – Fixed Income – <font style="font-style:normal;">The market price of a fixed income security (e.g., U.S. Treasury bills) can decline due, for example, to market-related factors, primarily rising interest rates. </font></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk – </font>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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Writing put options on stock indices made up of equity securities of companies with smaller market capitalizations exposes the Fund to the risks of investing in the securities of those companies. Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. To the extent the Fund focuses its investments in the stock index of a particular region, adverse geopolitical and other events in that region could have a disproportionate impact on the Fund. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Performance <div style="font-family: Times New Roman, Times, serif;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 two broad-based indices. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.0775-0.00190.06480.11120.1285-0.07410.1460~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20159 column dei_LegalEntityAxis compact ck0000772129_S000038360Member row primary compact * ~Highest Quarter:0.07432019-03-31Lowest Quarter:-0.10492018-12-31Year-to-Date-0.19862020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 7.43% (1Q2019)<br/>Lowest Quarter: <font style="white-space:nowrap;">-10.49%</font> (4Q2018)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-19.86%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.14600.07220.06280.13460.04770.03780.08890.04860.04050.13510.06300.07180.27670.08740.10670.14730.07330.06710.13510.06300.07410.27670.08740.11432012-11-152012-12-142012-12-142012-12-142012-12-142012-12-142012-11-152012-11-15~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20160 column dei_LegalEntityAxis compact ck0000772129_S000038360Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 two broad-based indices.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO SGM Major Markets FundGSMKXGSMHXGSMJXGSMFXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Long-term total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.01000.00950.009050.01000.01000.00060.00060.00040.00060.00160.01060.01010.00950.01060.0116-0.0005-0.0005-0.0004-0.0005-0.00050.01010.00960.00910.01010.0111~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20163 column dei_LegalEntityAxis compact ck0000772129_S000005494Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 103103989893931031031131133323323173172992993323323643645805805535535225225805806336331290129012321232116311631290129014051405~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20164 column dei_LegalEntityAxis compact ck0000772129_S000005494Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20165 column dei_LegalEntityAxis compact ck0000772129_S000005494Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (including the accounts of the Fund’s wholly-owned subsidiary, GMO Alternative Asset SPC Ltd., and excluding short-term investments) was 46% of the average value of its portfolio. </div> 0.46Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund’s benchmark is the FTSE 3-Month Treasury Bill Index. The Fund seeks annualized returns of 5% (gross of fees) above the FTSE 3-Month Treasury Bill Index and annualized volatility (standard deviation) of approximately 6-10%, each over a complete market cycle. The Fund does not maintain specified interest rate duration for its portfolio, and its performance is expected to have a low correlation with the performance of major asset classes over a complete market cycle. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent: 20pt; margin-top: 7pt; text-align: justify; width: 559pt; line-height: 11.5pt;">The Fund typically takes long and short positions in a range of global equity, bond, currency, and commodity markets using exchange-traded and over-the-counter (OTC) futures, forward currency contracts, swaps on commodity indices, and index options, as well as making other investments. In constructing the Fund’s portfolio, GMO seeks to take advantage of its proprietary investment models for systematic global tactical asset allocation and market selection.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund normally invests assets not held as margin for futures, forward transactions or swaps in cash directly (e.g., U.S. and non-U.S. government bonds, Treasury floating rate notes, Treasury Separately Traded Registered Interest and Principal Securities (“STRIPS”), Federal Home Loan Bank discount notes, and other agency notes), money market funds unaffiliated with GMO, and shares of U.S. Treasury Fund and directly in the types of investments typically held by money market funds. The Fund also may invest in U.S. and non-U.S. fixed income securities of any credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)), maturity or duration. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">GMO’s models for this systematic process are based on the following strategies: </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Value-Based Strategies</font>.   Value factors compare the price of an asset class or market to an economic fundamental value. Generally, value strategies include yield analysis and mean reversion analysis. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Sentiment-Based Strategies</font>.   Generally, sentiment-based strategies assess factors such as risk aversion, analyst behavior, and momentum. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">In implementing the Fund’s investment strategy, GMO seeks to take risk positions that, in GMO’s view, are proportionate to the return opportunities. As a result, during time periods when GMO believes the return opportunities are high relative to the risks involved, the Fund may take more risk relative to the Fund’s benchmark. Conversely, during time periods when GMO believes the return opportunities are low relative to the risks involved, the Fund may take less risk relative to the Fund’s benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO may at any time eliminate strategies, add new strategies, or cause the Fund to take positions that deviate from GMO’s investment models in response to additional research, changing market conditions, or other factors. The factors GMO considers and investment methods GMO uses can change over time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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 additional management or other fees for its services. The subsidiary invests primarily in commodity-related derivatives (such as futures contracts on commodities and commodity indices and 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund is not limited in its use of derivatives or in the total notional value of its derivative positions. As a result of its derivative positions, the Fund typically has gross investment exposures in excess of its net assets (i.e. the Fund typically is leveraged) and therefore is subject to heightened risk of loss. 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. In addition, the Fund may lend its portfolio securities. </div> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is subject to different risks, and greater overall risk, than an investment in the components of the Fund’s benchmark. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in its wholly-owned subsidiary and in underlying funds. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in its wholly-owned subsidiary and in underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results including annualized returns and annualized volatility. In addition, the Fund could produce results consistent with its annualized volatility objective over a complete market cycle yet experience shorter periods of significantly higher or lower volatility. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk</font> – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk</font> – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, and counterparty risk. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.85pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.85pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities – </font>The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of its 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. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 a broad-based index and a composite index computed by GMO. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares* Years Ending December 31 0.1563-0.0566-0.01000.06160.03660.00370.04070.0389-0.02130.0193~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20166 column dei_LegalEntityAxis compact ck0000772129_S000005494Member row primary compact * ~Highest Quarter:0.12142010-12-31Lowest Quarter:-0.05742011-09-30Year-to-Date0.02742020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 12.14% (4Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-5.74%</font> (3Q2011)<br/>Year-to-Date (as of 3/31/20): 2.74% </div> <div style="font-size: 8pt;font-family: Times New Roman, Times, serif;text-align:justify; width:559pt; line-height:8.5pt;font-style:italic;">* Prior to October 3, 2011, the Fund was managed pursuant to a materially different investment strategy and would have achieved materially different performance results under its current investment strategy from that shown for periods prior to October 3, 2011. </div> Average Annual Total Returns* Periods Ending December 31, 2019 0.01930.01600.02550.02420.01300.00760.02130.02130.01140.00980.01870.01820.02250.01050.00560.01310.02250.01050.00710.01340.02010.01890.02250.01280.02250.01282015-12-012005-04-112005-04-112005-04-112005-04-112015-12-012015-12-012005-04-11~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20167 column dei_LegalEntityAxis compact ck0000772129_S000005494Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 index and a composite index computed by GMO.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.www.gmo.comActual 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.GMO Asset Allocation Bond FundGABFXGMOBXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Total return in excess of that of its benchmark, the FTSE 3-Month Treasury Bill Index. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.00400.003050.00060.00060.00460.0037-0.0006-0.00060.00400.0031~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20170 column dei_LegalEntityAxis compact ck0000772129_S000025199Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 41413232142142113113252252202202573573462462~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20171 column dei_LegalEntityAxis compact ck0000772129_S000025199Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20172 column dei_LegalEntityAxis compact ck0000772129_S000025199Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 37% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 16% of the average value of its portfolio. </div> 0.37Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for the other funds and accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund invests in a portfolio of fixed income instruments of varying maturities, which may be represented by bonds, forward contracts or derivatives such as options, futures contracts, or swap agreements. GMO uses a variety of fundamental and quantitative processes to manage the Fund. GMO evaluates the relative attractiveness of particular markets and instruments using various fixed income risk premium measures, which typically include, among others, term structure, foreign exchange, volatility, credit, and liquidity. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 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 using derivatives (e.g., a futures contract, swap contract, forward currency contract, or option). The Fund may invest in bonds of any kind (e.g., bonds of any maturity, duration, or credit quality). </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:11.5pt;">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 sectors and types of bonds in which the Fund may invest include, but are not limited to: </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;">inflation-indexed bonds issued by the U.S. government (including Inflation-Protected Securities) and non-U.S. governments and their respective agencies or instrumentalities (whether or not guaranteed or insured by those governments) and inflation-indexed bonds issued by corporations; </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;">investment grade bonds denominated in various currencies, including bonds issued by the U.S. and non-U.S. governments and their respective agencies or instrumentalities (whether or not guaranteed or insured by those governments), corporations and municipalities (taxable and tax-exempt); </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;">below investment grade bonds (commonly referred to as “high yield” or “junk bonds”); </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;">emerging country sovereign and quasi-sovereign debt; </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;">asset-backed securities, including mortgage related and mortgage-backed securities; </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.86pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.86pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;">exchange-traded funds (ETFs) as an alternative to direct investments in bonds; </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.88pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.88pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;">other pooled investment vehicles, including vehicles managed by GMO and vehicles unaffiliated with GMO; and </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.87pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;">commodities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund also may invest in 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 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 heightened risk of loss during those times. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund may gain exposure to the investments described above by investing in shares of other GMO Funds, including Opportunistic Income Fund (to provide exposure to credit (particularly, asset-backed) markets) and Emerging Country Debt Fund (to provide exposure to emerging country debt 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund may invest up to 100% of its assets in below investment grade bonds. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">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’s performance may differ significantly from that of its benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. An investment in the Fund is subject to different risks, and greater overall risk, than an investment in the components of the Fund’s benchmark. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.88pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.88pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income – </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.87pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 4.87pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Credit Risk – </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk – </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk – </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk – </font>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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk – </font>The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities – </font>The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk – </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk – </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk – </font>Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk – </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk – </font>Investments focused in countries, regions, sectors, asset classes, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk – </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk – </font>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. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities – </font>The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk – </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk – </font>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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 a broad-based index. 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.04020.05630.0055-0.02150.0952-0.0593-0.00230.02360.00660.0790~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20173 column dei_LegalEntityAxis compact ck0000772129_S000025199Member row primary compact * ~Highest Quarter:0.03532014-06-30Lowest Quarter:-0.02832013-12-31Year-to-Date0.02092020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 3.53% (2Q2014)<br/>Lowest Quarter: <font style="white-space:nowrap;">-2.83%</font> (4Q2013)<br/>Year-to-Date (as of 3/31/20): 2.09% </div> Average Annual Total Returns Periods Ending December 31, 2019 0.07900.00850.02140.02560.0592-0.00590.00680.01110.04670.00010.01050.01400.02250.01050.00560.00530.07990.00940.02230.02710.02250.01050.00560.00532009-03-182009-03-272009-03-182009-03-272009-03-272009-03-27~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20174 column dei_LegalEntityAxis compact ck0000772129_S000025199Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 index.www.gmo.comActual 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.GMO Benchmark-Free FundGBFFXInvestment objective <div style="font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">Positive total return. </div> Fees and expenses <div style="font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;font-style:normal;font-size:10pt;">The table below describes the fees and expenses that you may bear if you buy and hold shares of the Fund. </div> 0.00000.00090.00260.0035-0.00040.0031~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20177 column dei_LegalEntityAxis compact ck0000772129_S000033464Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 remain the same as those shown in the table. The one year amount shown reflects 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> 3232108108192192439439~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20178 column dei_LegalEntityAxis compact ck0000772129_S000033464Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20179 column dei_LegalEntityAxis compact ck0000772129_S000033464Member row primary compact * ~Portfolio turnover <div style="font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 52% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 50% of the average value of its portfolio. </div> 0.52Principal investment strategies <div style="font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for the other accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment. </div> <br/><div style="font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;font-style:normal;font-size:10pt;">The Fund is a fund of funds and invests in shares of other series of GMO Trust (each, a “GMO Fund”). The Fund may invest in any GMO Fund (collectively, the “underlying GMO Funds”), whether now existing or created in the future. These underlying GMO Funds may include, among others, the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative Funds (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). The Fund also makes direct investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">GMO implements the Fund’s strategy by allocating its assets among asset classes (e.g., non-U.S. equity, U.S. equity, emerging country equity, emerging country debt, non-U.S. fixed income, U.S. fixed income and commodities). The Fund is not restricted in its exposure to any particular asset class and at times may invest a substantial portion of its assets in a single asset class (e.g., fixed income). In addition, the Fund is not restricted in its exposure to any particular market, capitalization range, credit quality (i.e. the Fund may invest in below investment grade securities (commonly referred to as “high yield” or “junk bonds”)), or maturity. At times, the Fund may have substantial exposure to a particular country (including emerging and other non-U.S. countries) or group of countries sharing certain economic or other characteristics. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to select the Fund’s investments and to decide how much to invest in each. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings 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. GMO’s ability to shift investments among the underlying GMO Funds and between underlying GMO Funds and direct investments is not subject to any limits. The Fund may invest substantially all its assets in a few underlying GMO Funds that primarily invest in the same asset class. The Fund also may, at times, invest a substantial portion of its assets in a single underlying GMO Fund. The Fund may invest in derivatives and effect short sales directly or through its investment in underlying GMO Funds. The factors GMO considers and investment methods GMO uses can change over time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are <font style="font-style:italic;">non-diversified investment companies</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.04pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.04pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.03pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.03pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.04pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5.04pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.67pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.67pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.67pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk</font> – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk</font> – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives, short sales and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.68pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.68pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities</font> – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.Performance <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index. 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). Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.10950.12700.0194-0.03190.05410.1706-0.07160.1378~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20180 column dei_LegalEntityAxis compact ck0000772129_S000033464Member row primary compact * ~Highest Quarter:0.06342019-03-31Lowest Quarter:-0.06742015-09-30Year-to-Date-0.18292020-03-31<div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;">Highest Quarter: 6.34% (1Q2019)<br/>Lowest Quarter: <font style="white-space:nowrap;">-6.74%</font> (3Q2015)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-18.29%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.13780.04760.05890.12380.03420.04220.08550.03230.04190.06850.02360.01760.02280.01830.01662011-06-152011-06-152011-06-152011-06-152011-06-15~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20181 column dei_LegalEntityAxis compact ck0000772129_S000033464Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index.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).GMO Implementation FundGIMFXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Positive total return, not relative return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">The table below describes the fees and expenses that you may bear if you buy and hold shares of the Fund. </div> 0.00000.00110.0011-0.00050.0006~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20184 column dei_LegalEntityAxis compact ck0000772129_S000036091Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 6630305757136136~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20185 column dei_LegalEntityAxis compact ck0000772129_S000036091Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20186 column dei_LegalEntityAxis compact ck0000772129_S000036091Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (including the accounts of the Fund’s wholly-owned subsidiary, GMO Implementation SPC Ltd., and excluding short-term investments) was 100% of the average value of its portfolio. 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 29, 2020 (including the accounts of GMO Implementation SPC Ltd., and excluding transactions in U.S. Treasury Fund and other short-term investments) was 97% of the average value of its portfolio. </div> 1.00Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for the other funds and accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to determine the Fund’s strategic direction. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. The factors GMO considers and investment methods GMO uses can change over time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. Depending on GMO’s outlook, the Fund may have exposure to any asset class (e.g., non-U.S. equity, U.S. equity, emerging country equity, emerging country debt, non-U.S. fixed income, U.S. fixed income, real estate, and commodities) and at times may be substantially invested in a single asset class. The Fund may invest in securities of companies of any market capitalization. In addition, the Fund is not limited in how much it may invest in any market, and it may invest all of its assets in the securities of a limited number of companies in a single country and/or capitalization range. The Fund may invest a significant portion of its assets in the securities of issuers in industries that are subject to the same or similar risk factors. To the extent the Fund invests in fixed income securities, it may have significant exposure to fixed income instruments of any credit quality, including those that are below investment grade (commonly referred to as “high yield” or “junk bonds”), and of any maturity or duration. The Fund also may engage in short sales. GMO’s ability to shift investments among asset classes is not subject to any limits. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">The Fund may engage in merger arbitrage by purchasing securities of companies proposing to engage in mergers or other acquisitions. In that connection, the Fund may invest in derivatives or sell securities short in an effort to protect against market fluctuations or other risks or to adjust long or short investment exposure to one or more asset classes or issuers. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">As an alternative to investing directly in securities, the Fund may invest in exchange-traded and over-the-counter (OTC) derivatives (e.g., selling put options on securities) 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 and as a substitute for securities lending. Derivatives used may include options, futures, swap contracts, and reverse repurchase agreements. The Fund’s foreign currency exposure may differ from the currency exposure of its securities. The Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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 heightened risk of loss during those times. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">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 management or other fees for its services. The subsidiary invests primarily in commodity-related derivatives and fixed income instruments but also may invest in any other investment in which the Fund is permitted to invest directly. References in this Prospectus to action 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in its wholly-owned subsidiary and in any underlying funds in which it invests. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in its wholly-owned subsidiary and in any underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity 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 due to GMO’s incorrect assessment. 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 5pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.89pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.89pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities</font> – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.9pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.9pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives, short sales and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.91pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.91pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Merger Arbitrage Risk</font> – If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. A proposed merger can fail to be consummated for many reasons, including regulatory and antitrust restrictions, industry weakness, company specific events, failed financings, and general market declines. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. The Fund’s investments in derivatives or short sales of securities to hedge or otherwise adjust investment exposure in connection with a merger arbitrage transaction may not perform as expected or may otherwise reduce the Fund’s gains or increase its losses. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk</font> – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in its wholly-owned subsidiary and in any underlying funds in which it invests (including ETFs), including the risk that its wholly-owned subsidiary and those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index. 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). Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns Years Ending December 31 0.17100.0221-0.04630.03560.1409-0.05590.1323~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20187 column dei_LegalEntityAxis compact ck0000772129_S000036091Member row primary compact * ~Highest Quarter:0.06682019-12-31Lowest Quarter:-0.07902015-09-30Year-to-Date-0.18102020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 6.68% (4Q2019)<br/>Lowest Quarter: <font style="white-space:nowrap;">-7.90%</font> (3Q2015)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-18.10%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.13230.03790.05840.12100.02960.05300.08480.02710.04480.06850.02360.01290.02280.01830.01592012-03-012012-03-012012-03-012012-03-012012-03-01~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20188 column dei_LegalEntityAxis compact ck0000772129_S000036091Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index.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).GMO Special Opportunities FundGSOFXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Positive total return. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 and hold shares of the Fund. </div> 0.01250.01200.011850.011550.00060.00060.00060.00060.01310.01260.01250.01220.00000.00000.00000.00000.01310.01260.01250.0122~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20191 column dei_LegalEntityAxis compact ck0000772129_S000046112Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 13313312812812712712412441541540040039739738738771871869269268668667067015791579152315231511151114771477~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20192 column dei_LegalEntityAxis compact ck0000772129_S000046112Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20193 column dei_LegalEntityAxis compact ck0000772129_S000046112Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (including the accounts of the Fund’s wholly-owned subsidiary, GMO Special Opportunities SPC Ltd., and excluding short-term investments) was 43% of the average value of its portfolio. </div> 0.43Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">GMO generally uses fundamental analysis to identify investments for the Fund that are, in GMO’s judgment, trading below their fundamental fair (or intrinsic) value. GMO does not manage the Fund to, or control the Fund’s risk relative to, any securities index or securities benchmark. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The factors GMO considers and investment methods GMO uses can change over time. The Fund may have long or short exposure to: </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;">U.S. and non-U.S. equities, which may include emerging country equities and equities of any market capitalization; </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;">U.S. and non-U.S. fixed income investments, such as asset-backed securities and other fixed income investments of any maturity, duration, or credit quality, including those that are below investment grade (commonly referred to as “high yield” or “junk bonds”) and distressed and defaulted debt securities; </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:left; margin-left:12pt;">currencies; and, </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.77pt; margin-bottom:0pt; text-align:left; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.77pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:12pt;">from time to time, alternative investments (e.g., instruments that seek exposure to, or reduce risks of, market volatility). </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:7pt; text-align:justify; width:539pt; line-height:12pt;">The Fund may engage in merger arbitrage. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund is not restricted in its exposure to any particular issuer, asset class or market and at times may have substantial exposure (long or short) to a single issuer, asset class (e.g., equities or fixed income investments) or market, or to securities of companies in a particular country or type of country (e.g., emerging countries). GMO expects that the Fund’s portfolio will consist of a limited number of investments. The Fund could be subject to material losses from a single investment. As of May 31, 2020, excluding cash and cash equivalents, and aggregating certain swap contracts, the Fund held 13 investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">In pursuing its investment objective, the Fund may invest in a wide variety of exchange-traded and over-the-counter (OTC) derivatives, including, without limitation, reverse repurchase agreements, options, futures, and swap contracts (such as total return swaps and credit default swaps). 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 heightened risk of loss during those times. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund gains exposure to commodities (if any) and some other assets by investing through a wholly-owned subsidiary advised by GMO, which does not receive management or other fees for its services. The subsidiary invests primarily in commodity-related derivatives 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in its wholly-owned subsidiary and in any underlying funds in which it invests. The Fund is a <font style="font-style:italic;">non-diversified investment company</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in its wholly-owned subsidiary and in any underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.77pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.77pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk</font> – The Fund runs the risk that GMO’s investment techniques will fail to produce desired 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.77pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.77pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Focused Investment Risk</font> – Investments focused in issuers, asset classes, market, sectors, industries, countries, or regions (or in sectors within a country or region) that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. Because the Fund typically holds a limited number of investments, it could be subject to material losses from a single investment. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.78pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.78pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Equities</font> – The market price of an equity 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 due to GMO’s incorrect assessment. Because the Fund normally does not take temporary defensive positions, declines in stock market prices generally are likely to reduce the net asset value of the Fund’s shares. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.78pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.78pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk</font> – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.78pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-top: 4.78pt; margin-bottom: 0pt; line-height: 12pt; text-align: justify; margin-left: 12pt;"><font style="font-style: italic;">Credit Risk</font> – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those 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 may involve substantial risks not normally associated with investments in higher quality securities, including adverse business, financial or economic conditions that lead to payment defaults and insolvency proceedings on the part of their issuers. 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 to seek recovery. 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 investment or may be required to accept cash or instruments worth less than its original investment.</div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.96pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.96pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income</font> – The market price of a fixed income investment can decline due to market-related factors, including rising interest rates and widening credit spreads, or decreased liquidity due to market uncertainty about the value of a fixed income investment (or class of fixed income investments). </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.96pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.96pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk</font> – Low trading volume, lack of a market maker, large position size or legal restrictions may limit or prevent the Fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.96pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.96pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk</font> – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.96pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.96pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk</font> – 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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.96pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.96pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk</font> – 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.97pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk</font> – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.96pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.96pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk</font> – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:4.97pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:4.97pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk</font> – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Asset-Backed Securities</font> – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Smaller Company Risk</font> – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Merger Arbitrage Risk</font> – If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk</font> – The Fund is indirectly exposed to all of the risks of an investment in its wholly-owned subsidiary and in any underlying funds in which it invests, including the risk that its wholly-owned subsidiary or those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. </div> Many factors can affect this value, and you may lose money by investing in the Fund.The Fund is a non-diversified investment company under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were a diversified investment company.Performance <div style="font-family: Times New Roman, Times, serif;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 Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Years Index, the Consumer Price Index and the MSCI ACWI. 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). Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class VI Shares Years Ending December 31 0.02250.04610.3223-0.09010.2568~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20194 column dei_LegalEntityAxis compact ck0000772129_S000046112Member row primary compact * ~Highest Quarter:0.16712019-03-31Lowest Quarter:-0.18382018-12-31Year-to-Date-0.28112020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:13.9pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 16.71% (1Q2019)<br/>Lowest Quarter: <font style="white-space:nowrap;">-18.38%</font> (4Q2018)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-28.11%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.25680.1010.08850.21710.06750.05790.17990.07360.06430.06850.02360.01610.02280.01830.01540.2660.08410.07212014-07-282014-07-282014-07-282014-07-282014-07-282014-07-28~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20195 column dei_LegalEntityAxis compact ck0000772129_S000046112Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 Barclays U.S. Treasury Inflation Notes: 1-10 Years Index, the Consumer Price Index and the MSCI ACWI.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).GMO Strategic Opportunities Allocation FundGBATXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">Total return greater than that of its benchmark, the GMO Strategic Opportunities Allocation Index, an internally maintained composite index computed by GMO, consisting of 75% MSCI World Index (MSCI Standard Index Series) and 25% Bloomberg Barclays U.S. Aggregate Index. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">The table below describes the fees and expenses that you may bear if you buy and hold shares of the Fund. </div> 0.00000.00070.00480.0055-0.00030.0052~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20198 column dei_LegalEntityAxis compact ck0000772129_S000005489Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 remain the same as those shown in the table. The one year amount shown reflects 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> 5353173173304304686686~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20199 column dei_LegalEntityAxis compact ck0000772129_S000005489Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20200 column dei_LegalEntityAxis compact ck0000772129_S000005489Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 41% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 36% of the average value of its portfolio. </div> 0.41Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The investment strategies GMO pursues for the Fund are intended to complement the strategies it is pursuing for the other accounts it manages. Accordingly, the Fund is not intended to serve as a standalone investment. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">The Fund is a fund of funds and invests primarily in shares of other series of GMO Trust (collectively, the “underlying GMO Funds”), which may include the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative Funds (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). The Fund also makes direct investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">The Fund may invest in any asset class, including, for example, U.S. and non-U.S. equities (including emerging country equities), U.S. and non-U.S. fixed income securities (including emerging country debt securities) of any credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)) or maturity, and commodities. The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:12pt;">GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to select the Fund’s investments (including underlying GMO Funds as well as direct investments) and to decide how much to invest in each. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings of the underlying GMO Funds 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 Fund may invest in derivatives and effect short sales directly or through its investment in underlying GMO Funds. The factors GMO considers and investment methods GMO uses can change over time. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are <font style="font-style:italic;">non-diversified investment companies</font> under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.18pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.18pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk − </font>The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.17pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.17pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk − Equities − </font>The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5.17pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5.17pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Non-U.S. Investment Risk − </font>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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk − Fixed Income − </font>The market price of a fixed income investment can decline due to market-related factors, including rising interest 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Derivatives and Short Sales Risk − </font>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, 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 stock market and underlying securities. The Fund may create 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Futures Contracts Risk − </font>The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk − </font>The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Currency Risk − </font>Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Fund of Funds Risk − </font>The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Commodities Risk − </font>Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Merger Arbitrage Risk − </font>If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Illiquidity Risk − </font>Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Leveraging Risk − </font>The use of derivatives, short sales and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk − </font>The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Smaller Company Risk − </font>Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk − </font>Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Market Risk − Asset-Backed Securities − </font>The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Focused Investment Risk − </font>Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated. </div> <br/><div style="font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;font-size:10pt;">•<br/></div> <br/><div style="font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;font-size:10pt;"> <font style="font-style:italic;">Large Shareholder Risk − </font>To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.Performance <div style="font-family: Times New Roman, Times, serif;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 broad-based indices and the Fund’s benchmark (which is a composite index computed by GMO). 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). Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns/Class III Shares Years Ending December 31 0.07960.02210.13230.19950.0202-0.05390.07450.1930-0.09510.1958~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20201 column dei_LegalEntityAxis compact ck0000772129_S000005489Member row primary compact * ~Highest Quarter:0.11472010-09-30Lowest Quarter:-0.09592010-06-30Year-to-Date-0.20142020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 11.47% (3Q2010)<br/>Lowest Quarter: <font style="white-space:nowrap;">-9.59%</font> (2Q2010)<br/>Year-to-Date (as of 3/31/20): <font style="white-space:nowrap;">-20.14%</font> </div> Average Annual Total Returns Periods Ending December 31, 2019 0.19580.05590.07210.06980.18080.04050.05650.05300.12510.04070.05530.05280.27670.08740.09470.07240.08720.03050.03750.04130.22870.07450.08200.06692005-05-312005-05-312005-05-312005-05-312005-05-312005-05-31~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20202 column dei_LegalEntityAxis compact ck0000772129_S000005489Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 broad-based indices and the Fund’s benchmark (which is a composite index computed by GMO).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).GMO U.S. Treasury FundGUSTXInvestment objective <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">Liquidity and safety of principal</div> <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">with current income as a secondary objective. </div> Fees and expenses <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;margin-left:20pt; margin-top:1pt; text-align:justify; width:539pt; line-height:12pt;">The table below describes the fees and expenses that you may bear if you buy and hold shares of the Fund. </div> 0.00080.00030.0011-0.00030.0008~ http://www.gmo.com/20200630/role/ScheduleAnnualFundOperatingExpenses20205 column dei_LegalEntityAxis compact ck0000772129_S000025186Member row primary compact * ~2021-06-30Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)Example <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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> 8832325959138138~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleTransposed20206 column dei_LegalEntityAxis compact ck0000772129_S000025186Member row primary compact * ~~ http://www.gmo.com/20200630/role/ScheduleExpenseExampleNoRedemptionTransposed20207 column dei_LegalEntityAxis compact ck0000772129_S000025186Member row primary compact * ~Portfolio turnover <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 0% of the average value of its portfolio. </div> 0.00Principal investment strategies <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:11.5pt;">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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">In addition to Direct U.S. Treasury Obligations, the Fund may invest in other fixed income securities that are backed by the full faith and credit of the U.S. government. The Fund also may invest in agency and supra sovereign securities, such as those issued by the Federal Home Loan Bank and the World Bank, and in money market funds unaffiliated with GMO. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;">The Fund also may enter 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. The counterparties in repurchase agreements and reverse repurchase agreements are typically brokers and banks, and the safety of the arrangement depends on, among other things, the Fund’s having an interest in the security (or other collateral) that it can realize in the event of the counterparty’s insolvency or inability or unwillingness to pay. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:7pt; text-align:justify; width:559pt; line-height:11.5pt;font-weight:bold;">The Fund is not a money market fund and is not subject to the maturity, quality, diversification and other requirements applicable to money market funds.<font style="font-weight:normal;"> </font></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; text-align:justify; width:559pt; line-height:12pt;">In selecting U.S. Treasury 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> Principal risks of investing in the Fund <div style="font-size: 10pt;font-family: Times New Roman, Times, serif;text-indent:20pt; margin-top:1pt; text-align:justify; width:559pt; line-height:12pt;">The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.” </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Risk – Fixed Income –</font> The market price of a fixed income security can decline due to market-related factors, primarily rising interest rates. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Credit Risk –</font> 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Large Shareholder Risk –</font> 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 those shareholders of all or a large portion of their Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Management and Operational Risk –</font> The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. The Fund also runs the risk 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> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Market Disruption and Geopolitical Risk –</font> Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments. </div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; float:left; line-height:12pt; margin-top:5pt; margin-bottom:0pt; text-align:justify; width:12pt;white-space:nowrap;">•<br/></div> <br/><div style="font-size: 10pt;font-family: Times New Roman, Times, serif; margin-top:5pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:12pt;"> <font style="font-style:italic;">Counterparty Risk</font> – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations. </div> Many factors can affect this value, and you may lose money by investing in the Fund.Performance <div style="font-family: Times New Roman, Times, serif;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 a broad-based index. 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). Updated performance information for the Fund is available at www.gmo.com. Past performance (before and after taxes) is not an indication of future performance. </div> Annual Total Returns Years Ending December 31 0.00100.00090.00100.00110.00060.00110.00530.00860.01950.0219~ http://www.gmo.com/20200630/role/ScheduleAnnualTotalReturnsBarChart20208 column dei_LegalEntityAxis compact ck0000772129_S000025186Member row primary compact * ~Highest Quarter:0.00632018-12-31Lowest Quarter:-0.00022011-12-31Year-to-Date0.00932020-03-31<div style="font-family: Times New Roman, Times, serif;margin-top:12pt; text-align:center; width:272.5pt; line-height:12pt;font-size:10pt;">Highest Quarter: 0.63% (4Q2018)<br/>Lowest Quarter: <font style="white-space:nowrap;">-0.02%</font> (4Q2011)<br/>Year-to-Date (as of 3/31/20): 0.93% </div> Average Annual Total Returns Periods Ending December 31, 2019 0.02190.01130.00610.00590.01290.00650.00350.00340.01290.00650.00350.00340.02250.01050.00560.00532009-03-172009-03-172009-03-172009-03-17~ http://www.gmo.com/20200630/role/ScheduleAverageAnnualReturnsTransposed20209 column dei_LegalEntityAxis compact ck0000772129_S000025186Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Past performance (before and after taxes) is not an indication of future performance.(reflects no deduction for fees, expenses, or taxes)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.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 index.www.gmo.comActual 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).EX-101.SCH
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Disclosure - Risk/Return Detail Data {Elements} - GMO Opportunistic Income Fundlink:presentationLinklink:definitionLinklink:calculationLink020149 - Disclosure - Risk/Return Detail Data {Elements} - GMO Strategic Short-Term Fundlink:presentationLinklink:definitionLinklink:calculationLink020154 - Disclosure - Risk/Return Detail Data {Elements} - GMO Alternative Allocation Fundlink:presentationLinklink:definitionLinklink:calculationLink020161 - Disclosure - Risk/Return Detail Data {Elements} - GMO Risk Premium Fundlink:presentationLinklink:definitionLinklink:calculationLink020168 - Disclosure - Risk/Return Detail Data {Elements} - GMO SGM Major Markets Fundlink:presentationLinklink:definitionLinklink:calculationLink020175 - Disclosure - Risk/Return Detail Data {Elements} - GMO Asset Allocation Bond Fundlink:presentationLinklink:definitionLinklink:calculationLink020182 - Disclosure - Risk/Return Detail Data {Elements} - GMO Benchmark-Free Fundlink:presentationLinklink:definitionLinklink:calculationLink020189 - Disclosure - Risk/Return Detail Data {Elements} - GMO Implementation Fundlink:presentationLinklink:definitionLinklink:calculationLink020196 - Disclosure - Risk/Return Detail Data {Elements} - GMO Special Opportunities Fundlink:presentationLinklink:definitionLinklink:calculationLink020203 - Disclosure - Risk/Return Detail Data {Elements} - GMO Strategic Opportunities Allocation Fundlink:presentationLinklink:definitionLinklink:calculationLink020210 - Disclosure - Risk/Return Detail Data {Elements} - GMO U.S. Treasury Fundlink:presentationLinklink:definitionLinklink:calculationLinkGRAPHIC
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The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.
The date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).
Includes both management fee of 0.65% and class-specific shareholder service fee, if any, for each class of shares other than Class MF shares, as well as the supplemental support fee for class MF shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. This reimbursement will continue through at least June 30, 2021 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 June 30, 2021 the Fund's management, shareholder service, and supplemental support fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds").
[2]
GMO has contractually agreed to reduce the rate of the supplemental support fees charged each month to the Fund's Class MF shares based on the net assets attributable to Class MF shares as of the last business day of the preceding month based on the following schedule: 0.10% on the first $6 billion of net assets, 0.05% on the next $2 billion, 0.03% on the next $2 billion, and 0.01% thereafter; provided, however, that the effective rate charged at any time will not be reduced to less than 0.06% of Class MF's average daily net assets. This rate will be calculated before giving effect to any other reduction or waiver. This reduction will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
[3]
Includes payments for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders exceed 0.10% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
[4]
Consists of approximately 0.15% in underlying fund fees and expenses, less than 0.01% in interest expense and borrowing costs for investments sold short incurred by underlying funds, 0.05% in dividend expenses on short sales incurred by underlying funds and 0.02% in purchase premiums and redemption fees paid to underlying funds. The underlying funds also receive income in connection with short sales, which is reflected in the Fund's net income but is not reflected as an offset to dividend expenses on short sales in the Fund's annual fund operating expenses table.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect applicable expense reimbursements and waivers noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - GMO Benchmark-Free Allocation Fund - USD ($)
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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 10% of the average value of its portfolio.
Principal investment strategies
The Fund seeks annualized returns of 5% (net of fees) above the Consumer Price Index and 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.
GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets in asset classes GMO believes offer the most attractive return and risk opportunities. GMO uses its 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 class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. 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.
The Fund is structured as a fund of funds and gains its investment exposures primarily by investing in Implementation Fund. In addition, the Fund may invest in any other GMO Fund (together with Implementation Fund, the “underlying GMO Funds”), whether now existing or created in the future. These underlying GMO Funds may include, among others, Opportunistic Income Fund, Emerging Country Debt Fund, Special Opportunities Fund, High Yield Fund, and the Alternative Funds (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). Implementation Fund is permitted to invest in any asset class and may engage in merger arbitrage. The Fund also may invest directly in securities (including underlying funds) and derivatives.
The Fund is permitted to invest (directly or through Implementation Fund or other underlying GMO Funds) in any asset class (e.g., U.S. equity, non-U.S. equity, emerging country equity, U.S. fixed income, non-U.S. fixed income, emerging country debt and commodities), sector, country, or region, and at times may have substantial exposure to a single asset class, sector, country, or region. 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, credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)), maturity or duration. The Fund may have indirect exposure to derivatives and short sales through its investment in Implementation Fund and the other underlying GMO Funds. GMO’s ability to shift investments within Implementation Fund and between Implementation Fund and the other underlying GMO Funds is not subject to any limits.
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.
Principal risks of investing in the Fund
The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.”
•
Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results, including annualized returns and annualized volatility. In addition, the Fund could produce results consistent with its annualized volatility objective over a complete market cycle yet experience shorter periods of significantly higher or lower volatility. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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.
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Market Risk – Equities – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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.
•
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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.
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Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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).
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Derivatives and Short Sales Risk – 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, 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 stock market and underlying securities. The Fund may create 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited.
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Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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.
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Futures Contracts Risk – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts.
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Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments.
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Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies.
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Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses.
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Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner.
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Merger Arbitrage Risk – If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated.
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Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices.
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Leveraging Risk – The use of derivatives, short sales and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request.
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Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations.
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Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments.
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Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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.
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Focused Investment Risk – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated.
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Large Shareholder Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations.
Performance
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 Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore would have lower returns. 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance.
Annual Total Returns/Class III Shares* Years Ending December 31
a 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.
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.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 10% of the average value of its portfolio.
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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:
The Fund seeks annualized returns of 5% (net of fees) above the Consumer Price Index and 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.
GMO seeks to achieve the Fund’s investment objective by investing the Fund’s assets in asset classes GMO believes offer the most attractive return and risk opportunities. GMO uses its 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 class. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. 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.
The Fund is structured as a fund of funds and gains its investment exposures primarily by investing in Implementation Fund. In addition, the Fund may invest in any other GMO Fund (together with Implementation Fund, the “underlying GMO Funds”), whether now existing or created in the future. These underlying GMO Funds may include, among others, Opportunistic Income Fund, Emerging Country Debt Fund, Special Opportunities Fund, High Yield Fund, and the Alternative Funds (see “Additional Information About the Funds’ Investment Strategies, Risks, and Expenses — Asset Allocation Funds”). Implementation Fund is permitted to invest in any asset class and may engage in merger arbitrage. The Fund also may invest directly in securities (including underlying funds) and derivatives.
The Fund is permitted to invest (directly or through Implementation Fund or other underlying GMO Funds) in any asset class (e.g., U.S. equity, non-U.S. equity, emerging country equity, U.S. fixed income, non-U.S. fixed income, emerging country debt and commodities), sector, country, or region, and at times may have substantial exposure to a single asset class, sector, country, or region. 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, credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)), maturity or duration. The Fund may have indirect exposure to derivatives and short sales through its investment in Implementation Fund and the other underlying GMO Funds. GMO’s ability to shift investments within Implementation Fund and between Implementation Fund and the other underlying GMO Funds is not subject to any limits.
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.
The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.”
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Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results, including annualized returns and annualized volatility. In addition, the Fund could produce results consistent with its annualized volatility objective over a complete market cycle yet experience shorter periods of significantly higher or lower volatility. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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.
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Market Risk – Equities – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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.
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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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.
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Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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).
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Derivatives and Short Sales Risk – 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, 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 stock market and underlying securities. The Fund may create 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited.
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Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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.
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Futures Contracts Risk – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts.
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Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments.
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Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies.
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Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses.
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Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner.
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Merger Arbitrage Risk – If the Fund purchases securities in anticipation of a proposed merger, exchange offer, tender offer, or other similar transaction and that transaction later appears unlikely to be consummated or, in fact, is not consummated or is delayed, the market price of the securities purchased by the Fund is likely to decline sharply, resulting in losses to the Fund. The risk/reward payout of merger arbitrage strategies typically is asymmetric, with the losses in failed transactions often far exceeding the gains in successful transactions. Merger arbitrage strategies are subject to the risk of overall market movements, and the Fund may experience losses even if a transaction is consummated.
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Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices.
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Leveraging Risk – The use of derivatives, short sales and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request.
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Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations.
•
Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments.
•
Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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.
•
Focused Investment Risk – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated.
•
Large Shareholder Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations.
Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.
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 Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index. As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore would have lower returns. 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance.
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 Barclays U.S. Treasury Inflation Notes: 1-10 Year Index and the Consumer Price Index.
a 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.
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).
As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.
As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.
[1]
Includes both management fee of 0.65% and class-specific shareholder service fee, if any, for each class of shares other than Class MF shares, as well as the supplemental support fee for class MF shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility." Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. This reimbursement will continue through at least June 30, 2021 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 June 30, 2021 the Fund's management, shareholder service, and supplemental support fees to the extent necessary to offset the management fees and shareholder service 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 ("GMO Funds").
[2]
Consists of approximately 0.15% in underlying fund fees and expenses, less than 0.01% in interest expense and borrowing costs for investments sold short incurred by underlying funds, 0.05% in dividend expenses on short sales incurred by underlying funds and 0.02% in purchase premiums and redemption fees paid to underlying funds. The underlying funds also receive income in connection with short sales, which is reflected in the Fund's net income but is not reflected as an offset to dividend expenses on short sales in the Fund's annual fund operating expenses table.
[3]
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.
[4]
GMO has contractually agreed to reduce the rate of the supplemental support fees charged each month to the Fund's Class MF shares based on the net assets attributable to Class MF shares as of the last business day of the preceding month based on the following schedule: 0.10% on the first $6 billion of net assets, 0.05% on the next $2 billion, 0.03% on the next $2 billion, and 0.01% thereafter; provided, however, that the effective rate charged at any time will not be reduced to less than 0.06% of Class MF's average daily net assets. This rate will be calculated before giving effect to any other reduction or waiver. This reduction will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
[5]
Includes payments for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders exceed 0.10% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
You would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
You would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
You would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
You would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
This element represents the date of expected termination of any expense reimbursement or fee waiver arrangements that reduce any Fund operating expenses (SEC Form N-1A 2006-09-14 A.3.table.1.11 Total Annual Fund Operating Expenses A.3.instructions.3.e).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
The Performance Table includes a parenthetical, indicating that the Index "(reflects no deduction for fees, expenses or taxes)". This tag is used when this is reflected in a footnote.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
If applicable, include a statement explaining that updated performance information is available and providing a Website address and/or toll-free (or collect) telephone number where the updated information may be obtained.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance). Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 1 -Exhibit b
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Provide a brief explanation that the actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause B
Provide a brief explanation that if the Fund is a Multiple Class Fund that offers more than one Class in the prospectus, after-tax returns are shown for only one Class and after-tax returns for other Classes will vary.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause C
Provide a brief explanation that 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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. If the Fund is a Money Market Fund, include the following statement: "You could lose money by investing in the Fund."
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause A
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause B
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause C
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
If applicable, state that the Fund is non-diversified, describe the effect of non-diversification (e.g., disclose that, compared with other funds, the Fund may invest a greater percentage of its assets in a particular issuer), and summarize the risks of investing in a non-diversified fund.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph iv
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Includes both management fee and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility."
[2]
Includes estimate of payments for sub-transfer agency, recordkeeping and other administrative services for Class I's initial fiscal year. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders exceed 0.10% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
[3]
Consists of approximately 0.55% in underlying fund fees and expenses, 0.02% in interest expense incurred by underlying funds, and 0.02% in purchase premiums and redemption fees paid to underlying funds.
[4]
Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - GMO Global Asset Allocation Fund - USD ($)
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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 28% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 27% of the average value of its portfolio.
Principal investment strategies
The Fund is a fund of funds and invests primarily in shares of other series of GMO Trust (collectively, the “underlying GMO Funds”), which may include the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative 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. The Fund is permitted to invest in any asset class, including, for example, U.S. and non-U.S. equities (including emerging country equities), U.S. and non-U.S. fixed income securities (including emerging country debt securities) of any credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)) or maturity, and commodities. The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. The Fund may invest in securities of companies of any market capitalization.
GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to select the underlying GMO Funds in which the Fund invests and to decide how much to invest in each. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings of the underlying GMO Funds 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.
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 money market funds unaffiliated with GMO and directly in the types of investments typically held by money market funds.
Principal risks of investing in the Fund
The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.”
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Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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.
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Market Risk – Equities – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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.
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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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.
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Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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).
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Derivatives and Short Sales Risk – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited.
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Futures Contracts Risk – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts.
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Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments.
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Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies.
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Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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.
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Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner.
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Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices.
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Leveraging Risk – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request.
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Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations.
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Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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.
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Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments.
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Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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.
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Focused Investment Risk – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated.
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Large Shareholder Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations.
Performance
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 broad-based indices and the Fund’s benchmark (which is a composite index computed by GMO). As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance.
Annual Total Returns/Class III Shares Years Ending December 31
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.
[2]
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.
[3]
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.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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 Barclays U.S. Aggregate Index.
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 29, 2020, the Fund’s portfolio turnover rate (excluding short-term investments) was 28% of the average value of its portfolio. 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 29, 2020, excluding transactions in U.S. Treasury Fund and other short-term investments, was 27% of the average value of its portfolio.
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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 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:
The Fund is a fund of funds and invests primarily in shares of other series of GMO Trust (collectively, the “underlying GMO Funds”), which may include the Equity Funds, the Fixed Income Funds, the Implementation Funds, and the Alternative 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. The Fund is permitted to invest in any asset class, including, for example, U.S. and non-U.S. equities (including emerging country equities), U.S. and non-U.S. fixed income securities (including emerging country debt securities) of any credit quality (including below investment grade securities (commonly referred to as “high yield” or “junk bonds”)) or maturity, and commodities. The term “equities” refers to direct and indirect investments in common and preferred stocks and other stock-related securities, such as convertible securities, depositary receipts, and equity real estate investment trusts (REITs) and income trusts. The Fund may invest in securities of companies of any market capitalization.
GMO uses its multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of such asset classes, to select the underlying GMO Funds in which the Fund invests and to decide how much to invest in each. An important component of those forecasts is GMO’s expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value. GMO changes the Fund’s holdings of the underlying GMO Funds 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.
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 money market funds unaffiliated with GMO and directly in the types of investments typically held by money market funds.
The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. References to investments include those held directly by the Fund and indirectly through the Fund’s investments in underlying funds (including underlying GMO Funds). Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below. For a more complete discussion of these risks, including those risks to which the Fund is exposed as a result of its investments in the underlying funds, see “Additional Information about the Funds’ Investment Strategies, Risks, and Expenses” and “Description of Principal Risks.”
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Management and Operational Risk – The Fund runs the risk that GMO’s investment techniques will fail to produce desired results. GMO uses quantitative models as part of its investment process. GMO’s models may not accurately predict future market movements or characteristics. In addition, they are based on assumptions that can limit their effectiveness, and they rely on data that is 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.
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Market Risk – Equities – The market price of an equity may decline due to factors affecting the issuer or its industry or the economy and equity markets generally. If an underlying 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 due to GMO’s incorrect assessment. An underlying 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 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.
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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. securities markets (particularly emerging 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, issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Transactions in non-U.S. securities generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in U.S. securities. In addition, the Fund may be subject to non-U.S. taxes, 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 it could not invest if its license were 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. These and other risks (e.g., nationalization, expropriation or other confiscation of assets of non-U.S. issuers, difficulties in obtaining and enforcing legal judgments) tend to be greater for investments in the securities of companies tied economically to emerging countries. The economies of emerging countries may be predominantly based on only a few industries or dependent on revenues from particular commodities, and often are more volatile than the economies of developed countries.
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Market Risk – Fixed Income – The market price of a fixed income investment can decline due to market-related factors, including rising interest 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).
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Derivatives and Short Sales Risk – 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, 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 stock market and underlying securities. The Fund may create short investment exposure 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. The risks of loss associated with derivatives that provide short investment exposure and short sales of securities are theoretically unlimited.
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Futures Contracts Risk – The risk of 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 secondary market may not exist for any particular futures contract at any particular time, and the Fund might be unable to effect closing transactions to terminate its exposure to the 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 the subject of 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. contracts.
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Credit Risk – The Fund runs the risk that the issuer or guarantor of a fixed income investment or the obligors of obligations underlying an asset-backed security will be unable or unwilling to satisfy their obligations to pay principal and interest or otherwise to honor their obligations in a timely manner. The market price of a fixed income investment will normally decline as a result of the issuer’s, guarantor’s, or obligors’ failure to meet their payment obligations or in anticipation of such failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments than issuers of investment grade investments.
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Currency Risk – Fluctuations in exchange rates can adversely affect the market value of the Fund’s foreign currency holdings and investments denominated in foreign currencies.
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Fund of Funds Risk – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds (including underlying GMO Funds) in which it invests, including the risk that those underlying funds will not perform as expected. Because the Fund bears the fees and expenses of the underlying funds in which it invests, the increase in fees and expenses of an underlying fund or a reallocation of the Fund’s investments to underlying funds with higher fees or expenses will increase the Fund’s total expenses. 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.
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Commodities Risk – Commodity prices can be extremely volatile, and exposure to commodities can cause the value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner.
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Illiquidity Risk – Low trading volume, lack of a market maker, large position size, or legal restrictions may limit or prevent the Fund or an underlying fund from selling particular securities or closing derivative positions at desirable prices.
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Leveraging Risk – The use of derivatives and securities lending creates 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 losses will result if the value of the Fund’s assets declines between the time a redemption request is deemed to be received by the Fund and the time the Fund liquidates assets to meet that request.
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Counterparty Risk – The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivatives contract, or a borrower of the Fund’s securities is unable or unwilling to make timely settlement payments, return the Fund’s margin or otherwise honor its obligations.
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Smaller Company Risk – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger companies, have inexperienced 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.
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Market Disruption and Geopolitical Risk – Geopolitical and other events (e.g., wars, pandemics, terrorism) may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could reduce the value of the Fund’s investments.
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Market Risk – Asset-Backed Securities – The market price of asset-backed securities, like that of other fixed income investments with complex structures, can decline for a variety of reasons, including market uncertainty about their credit quality and 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, creditworthiness of any credit-support provider, and reliability of various other service providers with access to the payment stream), 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.
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Focused Investment Risk – Investments focused in asset classes, countries, regions, sectors, industries, or issuers that are subject to the same or similar risk factors and investments whose prices are closely correlated are subject to greater overall risk than investments that are more diversified or whose prices are not as closely correlated.
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Large Shareholder Risk – To the extent that a large number of shares of the Fund is held by a single shareholder (e.g., an institutional investor), the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its Fund shares will require the Fund to sell securities at disadvantageous prices or otherwise disrupt the Fund’s operations.
Some of the underlying funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies.
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 broad-based indices and the Fund’s benchmark (which is a composite index computed by GMO). As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year. The returns information below is for the Fund’s Class III shares. Class R6 and Class I shares would have substantially similar annual returns to Class III shares because they invest in the same portfolio of securities. Their annual returns would differ from Class III shares to the extent that they bear different expenses. While Class R6 shares are expected to bear the same expenses as Class III shares, Class I shares bear higher expenses than Class III shares and therefore 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 www.gmo.com. Past performance (before and after taxes) is not an indication of future performance.
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 broad-based indices and the Fund’s benchmark (which is a composite index computed by GMO).
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).
As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.
As of the date of this Prospectus, there are no Class R6 shares or Class I shares outstanding or such shares have not been outstanding for a full calendar year.
[1]
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.
[2]
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.
[3]
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.
[4]
Includes both management fee and class-specific shareholder service fee, if any, for each class of shares. For additional information about the shareholder service fee applicable to each class of shares of the Fund, please see the table included in the section of the Prospectus entitled "Multiple Classes and Eligibility."
[5]
Consists of approximately 0.55% in underlying fund fees and expenses, 0.02% in interest expense incurred by underlying funds, and 0.02% in purchase premiums and redemption fees paid to underlying funds.
[6]
Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") has contractually agreed to reimburse the Fund for the following expenses: audit expenses, fund accounting 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 with respect to 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 custody expenses. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
[7]
Includes estimate of payments for sub-transfer agency, recordkeeping and other administrative services for Class I's initial fiscal year. GMO has contractually agreed to waive its fees with respect to and/or reimburse Class I shares to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares for sub-transfer agency, recordkeeping and other administrative services provided by financial intermediaries with respect to Class I shareholders exceed 0.10% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least June 30, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
You would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
You would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
You would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
You would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
This element represents the date of expected termination of any expense reimbursement or fee waiver arrangements that reduce any Fund operating expenses (SEC Form N-1A 2006-09-14 A.3.table.1.11 Total Annual Fund Operating Expenses A.3.instructions.3.e).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
The Performance Table includes a parenthetical, indicating that the Index "(reflects no deduction for fees, expenses or taxes)". This tag is used when this is reflected in a footnote.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
If applicable, include a statement explaining that updated performance information is available and providing a Website address and/or toll-free (or collect) telephone number where the updated information may be obtained.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance). Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph instructions -Clause 1 -Exhibit b
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Provide a brief explanation that the actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause B
Provide a brief explanation that if the Fund is a Multiple Class Fund that offers more than one Class in the prospectus, after-tax returns are shown for only one Class and after-tax returns for other Classes will vary.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause C
Provide a brief explanation that 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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. If the Fund is a Money Market Fund, include the following statement: "You could lose money by investing in the Fund."
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause A
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause B
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause C
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
If applicable, state that the Fund is non-diversified, describe the effect of non-diversification (e.g., disclose that, compared with other funds, the Fund may invest a greater percentage of its assets in a particular issuer), and summarize the risks of investing in a non-diversified fund.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph iv
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii