CLASS ELIGIBILITY. Class eligibility is generally dependent on the size of the client's total account under the management of Grantham, Mayo, Van Otterloo & Co. LLC, the Trust's investment adviser (referred to herein as "
CLASS ELIGIBILITY. Class eligibility is generally dependent on the size of the client's total account under the management of Grantham, Mayo, Van Otterloo & Co., the Trust's investment adviser (referred to herein as "GMO" or the "Adviser"), as described from time to time in the Prospectus. Eligibility for Class I, Class II and Class III Shares in dependent on the size of a client's minimum "Total Investment" with GMO. For clients that have accounts with GMO as of May 31, 1996, their initial Total Investment will equal the market value of all of their investments advised by GMO as of the close of business on May 31, 1996. For clients establishing a relationship with GMO on or after June 1, 1996, their Total Investment at any date is equal to the aggregate of all amounts contributed (and less amounts withdrawn) to any Fund on or after June 1, 1996, plus the market value of any non-mutual fund investment with GMO as of the month-end prior to the date that "Total Investment" is being computed. For purposes of class eligibility, market appreciation or depreciation of a Fund's account is not considered; the Total Investment of a client is impacted only by the amount of contributions to and withdrawals from Funds made by the client. It is assumed that any Fund redemptions or withdrawals made by a client are satisfied first from market appreciation in their shares, so that a redemption or withdrawal does not lower a client's Total Investment unless the redemption or withdrawal exceeds the value of market appreciation. Market value of non- mutual fund accounts at GMO will be considered, however. Eligibility for Class IV, Class V and Class VI Shares is dependent upon the client meeting either (i) a minimum "Total Fund Investment" requirement which includes only a client's total investment in the particular Fund, or (ii) a minimum "Total Investment" requirement (calculated as described above for Class I, II and III shares). A client's Total Fund Investment and Total Investment will be determined similarly to the determination of Total Investment for purposes of eligibility for Class I, Class II and Class III Shares, i.e., appreciation and depreciation of mutual fund shares is not considered but these two calculations do include the market value of all such accounts as of May 31, 1996, and the market value of non-mutual fund accounts as of the month-end prior to determination. CLASS CHARACTERISTICS The differences among the various classes of shares are solely (i) the level of sharehold...
