GMO INTERNATIONAL EQUITY ALLOCATION SERIES FUND CLASS R5 (GEAUX) Exchange: NMFQS

The Fund invests substantially all of its assets in Class III shares of GMO International Equity Allocation Fund (“IEAF”), a series of GMO Trust not offered in this Prospectus. IEAF invests primarily in shares of other funds managed by GMO (“GMO Funds”). The Fund’s investment objective and principal investment strategies are substantially similar to those of IEAF. Except as otherwise indicated, references to the Fund may also refer to IEAF, and references to actions undertaken or investments held by the Fund may also refer to those by IEAF. GMO serves as investment adviser for both the Fund and IEAF. The Fund is a fund of funds and invests primarily in equities traded in non-U.S. markets (including emerging markets) through shares of GMO Funds, including GMO International Equity Fund, GMO Emerging Markets Fund and GMO Risk Premium Fund (collectively, the “underlying GMO Funds”). The Fund also may invest directly in securities (including other underlying funds) and derivatives. 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. 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. The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities. The Fund also may invest in GMO U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds.