The fund is a fund of funds and invests primarily in equities traded in U.S. and non-U.S. markets through its investment in the equity funds and in GMO-managed exchange-traded funds. Under normal circumstances, it invests at least 80% of its assets in equities tied economically to developed markets. The fund also may invest in an emerging markets fund to obtain exposure to equities tied economically to emerging markets, but those investments typically will represent 10% or less of the fund's net assets measured at the time of purchase.