Resource Transition Fund

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Management

Lucas White

Portfolio Manager, Focused Equity

Mr. White is the lead portfolio manager for the Resources and Climate Change strategies. He is a member of GMO’s Focused Equity team and a partner of the firm. Previously at GMO, he was engaged in portfolio management for the Global Equity team, including responsibilities for the Quality, Tactical Opportunities, and U.S. Growth strategies. Prior to joining GMO in 2006, he worked at Standish Mellon Asset Management and MFS. Mr. White earned his bachelor's degree in Economics and Psychology from Duke University. He is a CFA charterholder.

Tom Hancock

Head of Focused Equity

Dr. Hancock is the head of the Focused Equity team, a portfolio manager for GMO’s Quality Strategies and a partner of the firm. Previously at GMO, he was co-head of the Global Equity team. Prior to joining GMO in 1995, he was a research scientist at Siemens and a software engineer at IBM. Dr. Hancock holds BS and MS degrees from Rensselaer Polytechnic Institute and a PhD in Computer Science from Harvard University.

Overview

The GMO Resource Transition Fund seeks to generate total return by investing primarily in equities of companies in the resource transition sector. The Fund’s benchmark is the MSCI ACWI Commodity Producers ex-Energy Index.

GMO’s Focused Equity team believes that global population growth, the industrialization of emerging markets, and the clean energy transition will increase global demand for natural resources and that, given their finite supply, the prices of these resources will increase over time. The Fund seeks to invest in the securities of companies that we believe will benefit from – and avoid companies we believe will be adversely affected by – this expected long-term rise in natural resource prices as well as the increasing demand for clean energy.

Facts

Doc Table
Fund Inception Date	February 15, 2023
CUSIP	36256V445
Fund Total Assets as of 11/30/2023	$181mm USD

Share Class VI

Inception Date	February 15, 2023
Ticker Symbol	GMOYX
CUSIP	36256V445
NAV as of 12/8/2023	15.01
Net Expense Ratio ¹	0.86
Gross Expense Ratio ²	1.59
Minimum Investment Size	$350mm in Fund / $750mm in GMO

¹ Net Expense Ratio reflects the reduction of expenses from fee reimbursements. The fee reimbursements will continue until at least June 30, 2024. Elimination of this reimbursement will result in higher fees and lower performance.

² Gross Expense Ratio is equal to the Funds Total Annual Operating Expenses set forth in the Funds most recent prospectus dated June 30, 2023.

Performance

Table Caption
	ITD
Resource Transition Fund	-19.68
MSCI ACWI Commodity Producers ex-Energy	-8.96

Inception Date: February 15, 2023

Returns shown for periods greater than one year are on an annualized basis.

If certain expenses were not reimbursed, performance would be lower. Transaction costs, if any, are paid to the fund to offset the cost of portfolio transactions to invest or raise cash.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only.

Table Caption
	QTD	YTD	ITD
Resource Transition Fund	-10.70	-19.68	-19.68
MSCI ACWI Commodity Producers ex-Energy	-1.46	-8.96	-8.96

Inception Date: February 15, 2023

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only.

Table Caption
	QTD	YTD	ITD
Resource Transition Fund	-10.50	-19.24	-19.24
MSCI ACWI Commodity Producers ex-Energy	-1.46	-8.96	-8.96

Inception Date: February 15, 2023

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only.

Table Caption
	MTD	QTD	YTD	ITD
Resource Transition Fund	6.59	-7.35	-25.58	-25.58
MSCI ACWI Commodity Producers ex-Energy	7.54	2.08	-7.06	-7.06

Inception Date: February 15, 2023

Returns shown for periods greater than one year are on an annualized basis.

Net of all fees and expenses after reimbursement by the Manager, but not transaction costs, if any. If certain expenses were not reimbursed, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only.

Table Caption
	MTD	QTD	YTD	ITD
Resource Transition Fund	6.67	-7.21	-25.06	-25.06
MSCI ACWI Commodity Producers ex-Energy	7.54	2.08	-7.06	-7.06

Inception Date: February 15, 2023

Returns shown for periods greater than one year are on an annualized basis.

Gross of fees, expenses and transaction costs, if any. If these fees, expenses and costs were included, performance would be lower.

¹ Performance data quoted represents past performance and is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data provided herein. The portfolio is not managed relative to a benchmark. References to an index are for informational purposes only.

Documents

Literature

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

Performance		Download
Portfolio Composition		Download
Segment Weights		Download
Holdings		Download
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Commentary & Attribution

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

NAVs and Distributions		Download
Distribution Estimates		Download
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Document Library

Risks

Risks associated with investing in the Fund may include: (1) Focused Investment Risk: The Fund invests its assets 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. (2) 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 more than if the Fund had a broader range of investments. (3) Management and Operational Risk: The risk that GMO's investment techniques will fail to produce desired results. For a more complete discussion of these risks and others, please consult the Fund's prospectus.

Disclosures

An investor should consider the fund’s investment objectives, risks, charges and expenses before investing. This and other important information can be found in the fund’s prospectus. Read the prospectus carefully before investing. Please see prospectus above.

The GMO Trust funds are distributed in the United States by Funds Distributor LLC. GMO and Funds Distributor LLC are not affiliated.