The investment seeks total return. The fund seeks to achieve the fund’s investment objective by investing in companies exposed to economic cycles that GMO believes are of higher quality than their industry peers. It is permitted to invest directly and indirectly (e.g., through underlying funds or derivatives) in equities of companies tied economically to any country in the world, including emerging countries. As an alternative to investing directly in equities, the fund may invest in exchange-traded and over-the-counter (OTC) derivatives and exchange- traded funds (ETFs).