Fund Description

The fund is a fund of funds that invests primarily in equities traded in non-U.S. markets, including emerging markets, through investments in equity funds and GMO-managed exchange-traded funds, and it may also invest directly in securities (including other underlying funds) and derivatives. GMO uses quantitative multi-year return forecasts and risk assessments, incorporating expectations of valuation reversion over a complete market cycle, to determine the asset classes in which the fund invests and how much it invests in each asset class, and to change exposures in response to changes in its outlook and its assessment of market valuations; it may use redemptions or purchases of fund shares to rebalance the fund's investments. Under normal circumstances, at least 80% of assets are invested in equities. It may invest across market capitalizations, lend portfolio securities, and invest in a U.S. Treasury fund, unaffiliated money market funds, and the types of investments typically held by money market funds.