The investment seeks total return in excess of that of its benchmark, the Markit iBoxx USD Liquid High Yield Index. Under normal circumstances, the fund invests directly and indirectly (e.g., through derivatives and ETFs) at least 80% of its assets in high yield bonds. The term "bond" includes (i) obligations of an issuer to make payments on future dates of principal, interest (whether fixed or variable) or both and (ii) synthetic debt instruments created by GMO by investing in derivatives. The fund is non-diversified.