<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by DFIN XBRL Schema Document - https://www.dfinsolutions.com/  -->
<!-- Copyright(c) 2026 Donnelley Financial Solutions Inc. All Rights Reserved.  -->
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			<link:roleRef roleURI="http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption" xlink:type="simple" xlink:href="https://xbrl.sec.gov/oef/2024q3/oef-2024q3.xsd#ExpenseExampleNoRedemption"/>			
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				<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis" xlink:label="LegalEntityAxis"/>
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				<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis" xlink:label="LegalEntityAxis"/>
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				<link:loc xlink:type="locator" xlink:href="#gmo_LargeTransactionsRiskMember" xlink:label="LargeTransactionsRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="LargeTransactionsRiskMember" order="11.0"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_ManagementandOperationalRiskMember" xlink:label="ManagementandOperationalRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="ManagementandOperationalRiskMember" order="12.0"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_LeveragingRiskMember" xlink:label="LeveragingRiskMember"/>
				<link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AllRisksMember" xlink:to="LeveragingRiskMember" order="13.0"/>
			</link:definitionLink>
			<link:definitionLink xlink:type="extended" xlink:role="http://xbrl.sec.gov/rr/role/ProspectusOnly">
				<link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentDomain" xlink:label="DocumentDomain"/>
				
			</link:definitionLink>
            <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
            <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
            <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
            <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
            <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
            <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
            <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
            <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
				<link:loc xlink:type="locator" xlink:href="#gmo_S000103783Member" xlink:label="S000103783Member"/>
				<link:label xlink:type="resource" xlink:label="label_S000103783Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">GMO Emerging Markets Debt Total Return Fund</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="S000103783Member" xlink:to="label_S000103783Member"/>
				<link:label xlink:type="resource" xlink:label="label_S000103783Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">S000103783 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="S000103783Member" xlink:to="label_S000103783Member_2"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_C000274378Member" xlink:label="C000274378Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274378Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Class III</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274378Member" xlink:to="label_C000274378Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274378Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000274378 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274378Member" xlink:to="label_C000274378Member_2"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_C000274381Member" xlink:label="C000274381Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274381Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Class IV</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274381Member" xlink:to="label_C000274381Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274381Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000274381 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274381Member" xlink:to="label_C000274381Member_2"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_C000274380Member" xlink:label="C000274380Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274380Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Class V</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274380Member" xlink:to="label_C000274380Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274380Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000274380 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274380Member" xlink:to="label_C000274380Member_2"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_C000274379Member" xlink:label="C000274379Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274379Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Class VI</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274379Member" xlink:to="label_C000274379Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274379Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000274379 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274379Member" xlink:to="label_C000274379Member_2"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_C000274377Member" xlink:label="C000274377Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274377Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Class R6</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274377Member" xlink:to="label_C000274377Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274377Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000274377 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274377Member" xlink:to="label_C000274377Member_2"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_C000274376Member" xlink:label="C000274376Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274376Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Class I</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274376Member" xlink:to="label_C000274376Member"/>
				<link:label xlink:type="resource" xlink:label="label_C000274376Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000274376 [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000274376Member" xlink:to="label_C000274376Member_2"/>
				<link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CreditRiskMember" xlink:label="CreditRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_CreditRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Credit Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditRiskMember" xlink:to="label_CreditRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_CurrencyRiskMember" xlink:label="CurrencyRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Currency Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyRiskMember" xlink:to="label_CurrencyRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_MarketRiskFixedIncomeRiskMember" xlink:label="MarketRiskFixedIncomeRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_MarketRiskFixedIncomeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Risk Fixed Income [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketRiskFixedIncomeRiskMember" xlink:to="label_MarketRiskFixedIncomeRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_MarketDisruptionandGeopoliticalRiskMember" xlink:label="MarketDisruptionandGeopoliticalRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_MarketDisruptionandGeopoliticalRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Market Disruption and Geopolitical Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketDisruptionandGeopoliticalRiskMember" xlink:to="label_MarketDisruptionandGeopoliticalRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_FocusedInvestmentRiskMember" xlink:label="FocusedInvestmentRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_FocusedInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Focused Investment Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FocusedInvestmentRiskMember" xlink:to="label_FocusedInvestmentRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_IlliquidityRiskMember" xlink:label="IlliquidityRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_IlliquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Illiquidity Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IlliquidityRiskMember" xlink:to="label_IlliquidityRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_DerivativesandShortSalesRiskMember" xlink:label="DerivativesandShortSalesRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_DerivativesandShortSalesRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Derivatives and Short Sales Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesandShortSalesRiskMember" xlink:to="label_DerivativesandShortSalesRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_CounterpartyRiskMember" xlink:label="CounterpartyRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_CounterpartyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Counterparty Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyRiskMember" xlink:to="label_CounterpartyRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_NonUSInvestmentRiskMember" xlink:label="NonUSInvestmentRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_NonUSInvestmentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Non-U.S. Investment Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonUSInvestmentRiskMember" xlink:to="label_NonUSInvestmentRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_LargeTransactionsRiskMember" xlink:label="LargeTransactionsRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_LargeTransactionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Large Transactions Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LargeTransactionsRiskMember" xlink:to="label_LargeTransactionsRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_ManagementandOperationalRiskMember" xlink:label="ManagementandOperationalRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_ManagementandOperationalRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Management and Operational Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementandOperationalRiskMember" xlink:to="label_ManagementandOperationalRiskMember"/>
				<link:loc xlink:type="locator" xlink:href="#gmo_LeveragingRiskMember" xlink:label="LeveragingRiskMember"/>
				<link:label xlink:type="resource" xlink:label="label_LeveragingRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Leveraging Risk [Member]</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeveragingRiskMember" xlink:to="label_LeveragingRiskMember"/>
            </link:labelLink>
         </link:linkbase>
      </xs:appinfo>
  </xs:annotation>
	<xs:element name="S000103783Member" id="gmo_S000103783Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="C000274378Member" id="gmo_C000274378Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="C000274381Member" id="gmo_C000274381Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="C000274380Member" id="gmo_C000274380Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="C000274379Member" id="gmo_C000274379Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="C000274377Member" id="gmo_C000274377Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="C000274376Member" id="gmo_C000274376Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="CurrencyRiskMember" id="gmo_CurrencyRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="MarketRiskFixedIncomeRiskMember" id="gmo_MarketRiskFixedIncomeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="MarketDisruptionandGeopoliticalRiskMember" id="gmo_MarketDisruptionandGeopoliticalRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="FocusedInvestmentRiskMember" id="gmo_FocusedInvestmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="IlliquidityRiskMember" id="gmo_IlliquidityRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="DerivativesandShortSalesRiskMember" id="gmo_DerivativesandShortSalesRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="CounterpartyRiskMember" id="gmo_CounterpartyRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="NonUSInvestmentRiskMember" id="gmo_NonUSInvestmentRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="LargeTransactionsRiskMember" id="gmo_LargeTransactionsRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="ManagementandOperationalRiskMember" id="gmo_ManagementandOperationalRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<xs:element name="LeveragingRiskMember" id="gmo_LeveragingRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>

</xs:schema>
