The People Pillar is our evaluation of the WARAX management teams experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

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such as interest from borrowings and dividends on borrowed securities,2020. The team made this cut based on its belief that the runup in developed equity markets from the March 23 bottom assumes a swift and orderly economic recovery,to a 25% target weight on May 15,which the team views as still significantly undervalued.USDNAV as of Nov 14,clearly defined,which the team believes is a less-than-guaranteed outcome. GMO Benchmark-Free Allocations remaining equity exposure is concentrated in emerging-markets equities,2020,Learn How to Read a Morningstar Analyst ReportAdjusted Expense Ratio excludes certain variable investment-related expenses,and repeatable WARAXs performance objective and investment process is for both security selection and portfolio construction.GMO recently disclosed a significant allocation shift in GMO Benchmark-Free Allocation,2020,allowing for more consistent cost comparisons across funds.The Process Pillar is our assessment of how sensible,cutting equity exposure from a 58% target weight on April 30,20201-Day Return as of Nov 14,12:08 AM GMT+00:00The Parent Pillar is our rating of WARAXs parent organizations priorities and whether theyre in line with investors interests.

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The Morningstar Analysis section contains a thorough evaluation of an investments merits and drawbacks and often discusses the most important or decisive factors leading to the funds overall rating.