XML 11 R18.htm IDEA: XBRL DOCUMENT v3.20.1
Label Element Value
GMO Emerging Markets Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

 GMO TRUST


Amended and Restated Supplement dated March 25, 2020 to the
GMO Trust Prospectus, dated June 30, 2019, as supplemented


This supplement amends and restates all prior supplements to the GMO Trust Prospectus, dated June 30, 2019 (the “Prospectus”).


GMO Emerging Markets Fund and GMO Emerging Domestic Opportunities Fund


Each of GMO Emerging Markets Fund and GMO Emerging Domestic Opportunities Fund is offering additional classes of shares, Class R6 and Class I. Also, the Board of Trustees of GMO Trust has approved the elimination of the purchase premium and redemption fee for each of GMO Emerging Markets Fund and GMO Emerging Domestic Opportunities Fund.


GMO has contractually agreed to reimburse Class I shares of GMO Emerging Domestic Opportunities Fund to the extent that amounts paid by the Fund out of the net assets attributable to Class I shares to financial intermediaries for sub-transfer agency, recordkeeping and other administrative services provided in respect of Class I shareholders exceed 0.03% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least January 27, 2021.


Accordingly, the Prospectus is amended as follows:


Front Cover


On the front cover of the Prospectus, the list of funds is hereby amended to add each of GMO Emerging Markets Fund’s and GMO Emerging Domestic Opportunities Fund’s Class R6 shares and Class I shares.


GMO Emerging Markets Fund


The sections appearing on pages 66 to 69 of the Prospectus captioned “Fees and expenses,” “Annual Fund operating expenses,” “Example,” “Performance,” and “Average Annual Total Returns” are replaced in their entirety with the following:
Risk/Return [Heading] rr_RiskReturnHeading GMO Emerging Markets Fund
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund operating expenses (expenses that you bear each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jun. 30, 2020
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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:
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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. 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gmo.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (before and after taxes) is not an indication of future performance.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns Periods Ending December 31, 2018
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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).
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Class III shares only; after-tax returns for other classes will vary.
GMO Emerging Markets Fund | Class II  
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.97% [1]
Other expenses rr_OtherExpensesOverAssets 0.09%
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 1.07%
Expense reimbursement/waiver rr_FeeWaiverOrReimbursementOverAssets (0.13%) [1]
Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) rr_NetExpensesOverAssets 0.94%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 96
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 327
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 578
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,294
1 Year rr_AverageAnnualReturnYear01 (12.87%) [3]
5 Years rr_AverageAnnualReturnYear05 0.97% [3]
10 Years rr_AverageAnnualReturnYear10 6.92% [3]
Since Inception rr_AverageAnnualReturnSinceInception 7.21% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 29, 1996
GMO Emerging Markets Fund | Class II | MSCI Emerging Markets Index (Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%) [4]
5 Years rr_AverageAnnualReturnYear05 1.65% [4]
10 Years rr_AverageAnnualReturnYear10 8.02% [4]
Since Inception rr_AverageAnnualReturnSinceInception 5.71% [4]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 29, 1996
GMO Emerging Markets Fund | Class II | S&P/IFCI Composite Index (Prior Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.22%) [5]
5 Years rr_AverageAnnualReturnYear05 2.57% [5]
10 Years rr_AverageAnnualReturnYear10 9.03% [5]
Since Inception rr_AverageAnnualReturnSinceInception 6.73% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 29, 1996
GMO Emerging Markets Fund | Class III  
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.90% [1]
Other expenses rr_OtherExpensesOverAssets 0.09%
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 1.00%
Expense reimbursement/waiver rr_FeeWaiverOrReimbursementOverAssets (0.11%) [1]
Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) rr_NetExpensesOverAssets 0.89%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 91
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 307
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 542
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,215
1 Year rr_AverageAnnualReturnYear01 (12.82%)
5 Years rr_AverageAnnualReturnYear05 1.03%
10 Years rr_AverageAnnualReturnYear10 6.97%
Since Inception rr_AverageAnnualReturnSinceInception 6.97%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 1993
GMO Emerging Markets Fund | Class III | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.23%)
5 Years rr_AverageAnnualReturnYear05 0.52%
10 Years rr_AverageAnnualReturnYear10 6.43%
Since Inception rr_AverageAnnualReturnSinceInception 5.71%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 1993
GMO Emerging Markets Fund | Class III | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.85%)
5 Years rr_AverageAnnualReturnYear05 0.94%
10 Years rr_AverageAnnualReturnYear10 6.04%
Since Inception rr_AverageAnnualReturnSinceInception 6.04%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 1993
GMO Emerging Markets Fund | Class III | MSCI Emerging Markets Index (Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%) [4]
5 Years rr_AverageAnnualReturnYear05 1.65% [4]
10 Years rr_AverageAnnualReturnYear10 8.02% [4]
Since Inception rr_AverageAnnualReturnSinceInception 5.13% [4]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 1993
GMO Emerging Markets Fund | Class III | S&P/IFCI Composite Index (Prior Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.22%) [5]
5 Years rr_AverageAnnualReturnYear05 2.57% [5]
10 Years rr_AverageAnnualReturnYear10 9.03% [5]
Since Inception rr_AverageAnnualReturnSinceInception 5.81% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 09, 1993
GMO Emerging Markets Fund | Class IV  
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.855% [1]
Other expenses rr_OtherExpensesOverAssets 0.08%
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 0.95%
Expense reimbursement/waiver rr_FeeWaiverOrReimbursementOverAssets (0.11%) [1]
Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) rr_NetExpensesOverAssets 0.84%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 86
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 292
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 515
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,156
1 Year rr_AverageAnnualReturnYear01 (12.82%)
5 Years rr_AverageAnnualReturnYear05 1.06%
10 Years rr_AverageAnnualReturnYear10 7.02%
Since Inception rr_AverageAnnualReturnSinceInception 8.26%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 09, 1998
GMO Emerging Markets Fund | Class IV | MSCI Emerging Markets Index (Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%) [4]
5 Years rr_AverageAnnualReturnYear05 1.65% [4]
10 Years rr_AverageAnnualReturnYear10 8.02% [4]
Since Inception rr_AverageAnnualReturnSinceInception 7.25% [4]
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 09, 1998
GMO Emerging Markets Fund | Class IV | S&P/IFCI Composite Index (Prior Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.22%) [5]
5 Years rr_AverageAnnualReturnYear05 2.57% [5]
10 Years rr_AverageAnnualReturnYear10 9.03% [5]
Since Inception rr_AverageAnnualReturnSinceInception 8.46% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 09, 1998
GMO Emerging Markets Fund | Class V  
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.835% [1]
Other expenses rr_OtherExpensesOverAssets 0.09%
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 0.94%
Expense reimbursement/waiver rr_FeeWaiverOrReimbursementOverAssets (0.14%) [1]
Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) rr_NetExpensesOverAssets 0.80%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 82
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 286
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 506
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,142
1 Year rr_AverageAnnualReturnYear01 (12.80%)
5 Years rr_AverageAnnualReturnYear05 1.09%
10 Years rr_AverageAnnualReturnYear10 7.07%
Since Inception rr_AverageAnnualReturnSinceInception 9.16%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 04, 2003
GMO Emerging Markets Fund | Class V | MSCI Emerging Markets Index (Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%) [4]
5 Years rr_AverageAnnualReturnYear05 1.65% [4]
10 Years rr_AverageAnnualReturnYear10 8.02% [4]
Since Inception rr_AverageAnnualReturnSinceInception 9.35% [4]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 04, 2003
GMO Emerging Markets Fund | Class V | S&P/IFCI Composite Index (Prior Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.22%) [5]
5 Years rr_AverageAnnualReturnYear05 2.57% [5]
10 Years rr_AverageAnnualReturnYear10 9.03% [5]
Since Inception rr_AverageAnnualReturnSinceInception 10.40% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 04, 2003
GMO Emerging Markets Fund | Class VI  
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.805% [1]
Other expenses rr_OtherExpensesOverAssets 0.08%
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 0.90%
Expense reimbursement/waiver rr_FeeWaiverOrReimbursementOverAssets (0.14%) [1]
Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) rr_NetExpensesOverAssets 0.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 78
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 275
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 489
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,106
1 Year rr_AverageAnnualReturnYear01 (12.73%)
5 Years rr_AverageAnnualReturnYear05 1.14%
10 Years rr_AverageAnnualReturnYear10 7.11%
Since Inception rr_AverageAnnualReturnSinceInception 9.41%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2003
GMO Emerging Markets Fund | Class VI | MSCI Emerging Markets Index (Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%) [4]
5 Years rr_AverageAnnualReturnYear05 1.65% [4]
10 Years rr_AverageAnnualReturnYear10 8.02% [4]
Since Inception rr_AverageAnnualReturnSinceInception 9.71% [4]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2003
GMO Emerging Markets Fund | Class VI | S&P/IFCI Composite Index (Prior Fund benchmark) (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.22%) [5]
5 Years rr_AverageAnnualReturnYear05 2.57% [5]
10 Years rr_AverageAnnualReturnYear10 9.03% [5]
Since Inception rr_AverageAnnualReturnSinceInception 10.70% [5]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2003
GMO Emerging Markets Fund | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.97% [1]
Other expenses rr_OtherExpensesOverAssets 0.09%
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 1.07%
Expense reimbursement/waiver rr_FeeWaiverOrReimbursementOverAssets (0.13%) [1]
Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) rr_NetExpensesOverAssets 0.94%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 96
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 327
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 578
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,294
GMO Emerging Markets Fund | Class I  
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.97% [1]
Other expenses rr_OtherExpensesOverAssets 0.19% [6]
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 1.17%
Expense reimbursement/waiver rr_FeeWaiverOrReimbursementOverAssets (0.18%) [1],[6]
Total annual fund operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses) rr_NetExpensesOverAssets 0.99%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 101
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 354
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 626
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,404
[1] 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 reduce its management fee to 0.65% through June 30, 2020. This reduction may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees. 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 to financial intermediaries for sub-transfer agency, recordkeeping and other administrative services provided in respect 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 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, 2020 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.
[2] Consists of approximately 0.01% in underlying fund fees and expenses and less than 0.01% in commissions paid to brokers by the Fund for executing transactions in unaffiliated underlying funds.
[3] 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).
[4] Fund's benchmark effective December 1, 2018.
[5] Effective December 1, 2018, the Fund changed its benchmark from the S&P/IFCI Composite Index to the MSCI Emerging Markets Index because GMO believes the MSCI Emerging Markets Index is more appropriate in light of the Fund's investment strategy.
[6] 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 to financial intermediaries for sub-transfer agency, recordkeeping and other administrative services provided in respect of Class I shareholders exceed 0.05% of the average daily net assets attributable to Class I shares. This reimbursement will continue through at least January 27, 2021 and may not be terminated prior to this date without the action or consent of the Trust's Board of Trustees.