GMO Emerging Markets Select Equity Fund Class II 

Under normal circumstances, the fund invests at least 80% of the fund’s 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 (“emerging markets”). It primarily invests in equities of companies whose prospects are linked to the internal (“domestic”) development and growth of the world’s emerging markets, including companies that provide goods and services to emerging market consumers. The fund is non-diversified.