Before you invest, you may want to
review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, statement of additional
information and other information about the Fund online at https://www.gmo.com/north-america/investment-capabilities/mutual-funds/. You can also get this information at
no cost by calling 1-617-346-7646, by sending an email request to SHS@gmo.com, or by contacting your financial intermediary. The Fund’s prospectus and statement of additional information, each dated June 30, 2023, each as may be revised and/or supplemented from time to time, are incorporated by reference into this summary prospectus.
Investment objective
Total return greater than that of its benchmark, the MSCI World Index.
Fees and expenses
The table below describes the fees and expenses that you may bear for each class of shares if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Annual Fund operating expenses
(expenses that you bear each year as
a percentage of the value of your investment)
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Acquired fund fees and expenses (underlying fund expenses) |
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Total annual fund operating expenses |
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Expense reimbursement/waiver |
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Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund
expenses) |
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1 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. Grantham,
Mayo, Van Otterloo & Co. LLC ("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 for the benefit of 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, 2024 and may not be terminated prior to this date without the action or consent of the
Trust’s Board of Trustees.
3 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 for the benefit of 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, 2024 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:
Portfolio turnover
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,