Strategy. The Fund is a fund of funds and invests primarily in equities traded in non-U.S. markets (including emerging markets) through its investment in Equity Funds and GMO-managed exchange-traded funds (collectively, the underlying GMO Funds) (see Additional Information About the Funds Investment Strategies, Risks, and Expenses Asset Allocation Funds). The Fund also may invest directly in securities (including other underlying funds) and derivatives. GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMOs expectation that valuations ultimately revert to their fundamental … Show more… The Fund is a fund of funds and invests primarily in equities traded in non-U.S. markets (including emerging markets) through its investment in Equity Funds and GMO-managed exchange-traded funds (collectively, the underlying GMO Funds) (see Additional Information About the Funds Investment Strategies, Risks, and Expenses Asset Allocation Funds). The Fund also may invest directly in securities (including other underlying funds) and derivatives. GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMOs expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Funds asset class exposures in response to changes in GMOs investment outlook and its assessment of market valuations and may use redemptions or purchases of Fund shares to rebalance the Funds investments. The factors GMO considers and investment methods GMO uses can change over time. Under normal circumstances, the Fund invests (including through its investment in the underlying GMO Funds) at least 80% of its assets in equities (see Name Policies). The Fund may invest in securities of companies of any market capitalization. In addition, the Fund may lend its portfolio securities. The Fund also may invest in U.S. Treasury Fund, in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds. Show less