Under normal circumstances at least 80% of the fund’s net assets directly and indirectly (e.g., through underlying funds or derivatives) in companies tied economically to markets that are not treated as developed markets in the MSCI World Index, with the exception of China (“emerging markets”). It may also 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.