Gmo U.S. Opportunistic Value Fund Class III NMFQS:PPADX

The fund seeks to achieve the fund’s investment objective by investing the fund’s assets primarily in securities traded in U.S. equity markets. Under normal circumstances, the fund invests directly and indirectly (e.g., through underlying funds or derivatives) at least 80% of its assets in companies tied economically to the United States. It 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.