SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, For Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material under Rule 14a-12
GMO TRUST
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(Name of Registrant as Specified in its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1) Title of each class of securities to which transaction applies:
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2) Aggregate number of securities to which transaction applies:
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3) Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):
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[ ] Fee paid previously with preliminary materials:
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[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
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2) Form, Schedule or Registration Statement No.:
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4) Date Filed:
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GMO TRUST
40 ROWES WHARF
BOSTON, MASSACHUSETTS 02110
FEBRUARY 23, 2005
Dear Shareholder:
A Special Meeting of the Shareholders of GMO Trust will be held on
March 23, 2005 at 9:00 a.m., Boston time, on the 6th floor of 40 Rowes Wharf,
Boston, Massachusetts.
The matters to be acted upon at the meeting with respect to each GMO
Fund are described in the attached Notice and Proxy Statement. The Trust's Board
of Trustees is seeking your vote for the slate of nominees for Trustee
identified in the Proxy Statement. Also, shareholders of certain Funds will be
asked to approve changes to their Funds' fundamental investment restrictions.
We urge you to complete, sign and return the enclosed proxy card
promptly. A postage-paid envelope is enclosed for this purpose. Whether or not
you plan to be present at the meeting, we need your vote. To have your vote
count, you must return a proxy card for each of the Funds in which you are
invested.
If your shares are held in street name, only your bank or broker can
vote your shares, and only upon receipt of your specific instructions. Please
contact the person responsible for your account and instruct him or her to
execute a proxy card today.
We look forward to receiving your proxy so that your shares may be
voted at the meeting.
Sincerely,
/s/ R. Jeremy Grantham
R. Jeremy Grantham
Chairman of the Board
GMO TRUST
GMO ALPHA ONLY FUND GMO INTERNATIONAL EQUITY ALLOCATION FUND
GMO BENCHMARK-FREE ALLOCATION FUND GMO INTERNATIONAL GROWTH FUND
GMO CORE PLUS BOND FUND GMO INTERNATIONAL INTRINSIC VALUE FUND
GMO CURRENCY HEDGED INTERNATIONAL BOND FUND GMO INTERNATIONAL SMALL COMPANIES FUND
GMO CURRENCY HEDGED INTERNATIONAL EQUITY FUND GMO INTRINSIC VALUE FUND
GMO DOMESTIC BOND FUND GMO REAL ESTATE FUND
GMO EMERGING COUNTRIES FUND GMO SHORT-DURATION COLLATERAL FUND
GMO EMERGING COUNTRY DEBT FUND GMO SHORT-DURATION INVESTMENT FUND
GMO EMERGING COUNTRY DEBT SHARE FUND GMO SMALL CAP GROWTH FUND
GMO EMERGING MARKETS FUND GMO SMALL CAP VALUE FUND
GMO EMERGING MARKETS QUALITY FUND GMO SPECIAL PURPOSE HOLDING FUND
GMO FOREIGN FUND GMO TAIWAN FUND
GMO FOREIGN SMALL COMPANIES FUND GMO TAX-MANAGED INTERNATIONAL EQUITIES FUND
GMO GLOBAL BALANCED ASSET ALLOCATION FUND GMO TAX-MANAGED SMALL COMPANIES FUND
GMO GLOBAL BOND FUND GMO TAX-MANAGED U.S. EQUITIES FUND
GMO GLOBAL GROWTH FUND GMO TOBACCO-FREE CORE FUND
GMO GLOBAL (U.S.+) EQUITY ALLOCATION FUND GMO U.S. CORE FUND
GMO GROWTH FUND GMO U.S. QUALITY EQUITY FUND
GMO INFLATION INDEXED BOND FUND GMO U.S. SECTOR FUND
GMO INTERNATIONAL BOND FUND GMO VALUE FUND
GMO INTERNATIONAL DISCIPLINED EQUITY FUND GMO WORLD OPPORTUNITY OVERLAY FUND
40 ROWES WHARF
BOSTON, MASSACHUSETTS 02110
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NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
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To Shareholders of GMO Trust (the "Trust"):
Notice is hereby given that a special meeting of the shareholders of
the Trust (the "Special Meeting") will be held on March 23, 2005 on the 6th
Floor of 40 Rowes Wharf, Boston, Massachusetts, at 9:00 a.m., Boston time, for
the following purposes, each of which is more fully described in the
accompanying Proxy Statement dated February 23, 2005:
1. With respect to all of the Funds of the Trust, to elect the
Board of Trustees, as described in Proposal I of the
accompanying Proxy Statement;
2A. With respect to GMO Real Estate Fund and GMO Short-Duration
Investment Fund, to approve revisions to the fundamental
investment restriction with respect to concentration of
investments in any one industry;
2B. With respect to GMO Alpha Only Fund, GMO Core Plus Bond Fund,
GMO Currency Hedged International Bond Fund, GMO Currency
Hedged International Equity Fund, GMO Domestic Bond Fund, GMO
Emerging Countries Fund, GMO Emerging Country Debt Fund, GMO
Emerging Country Debt Share Fund, GMO Emerging Markets Fund,
GMO Emerging Markets Quality Fund, GMO Foreign Fund, GMO
Global Balanced Asset Allocation Fund, GMO Global Bond Fund,
GMO Global (U.S.+)
Equity Allocation Fund, GMO Growth Fund, GMO Inflation Indexed
Bond Fund, GMO International Bond Fund, GMO International
Equity Allocation Fund, GMO International Intrinsic Value
Fund, GMO International Small Companies Fund, GMO Real Estate
Fund, GMO Short-Duration Investment Fund, GMO Small Cap Growth
Fund, GMO Small Cap Value Fund, GMO Tobacco-Free Core Fund,
GMO U.S. Core Fund, GMO U.S. Sector Fund and GMO Value Fund,
to approve the elimination of the fundamental investment
restriction with respect to investments in certain related
issuers; and
2C. With respect to GMO Benchmark-Free Allocation Fund, GMO Global
Balanced Asset Allocation Fund, GMO Global (U.S.+) Equity
Allocation Fund, GMO International Equity Allocation Fund and
GMO U.S. Sector Fund, to approve revisions to the fundamental
investment restriction with respect to investments in
commodities.
The Board of Trustees of the Trust has fixed the close of business on
February 11, 2005 as the record date for the determination of shareholders
entitled to notice of, and to vote at, the Special Meeting or any adjournment(s)
thereof.
WE URGE YOU TO MARK, SIGN, DATE AND MAIL THE ENCLOSED PROXY IN THE
POSTAGE-PAID ENVELOPE PROVIDED AS SOON AS POSSIBLE SO THAT YOU WILL BE
REPRESENTED AT THE MEETING.
By order of the Board of Trustees of the Trust,
/s/ Elaine M. Hartnett
Elaine M. Hartnett
Secretary
February 23, 2005
PROPOSAL
PROPOSAL DESCRIPTION AFFECTED FUNDS PAGE
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1. Election of Trustees All Funds 3
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2A. Approving revisions o GMO Real Estate Fund 6
to certain Funds' o GMO Short-Duration Investment Fund
fundamental
investment restriction
with respect to
concentration in any
one industry
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2B. Approving the o GMO Alpha Only Fund o GMO Global (U.S.+) Equity 7
elimination of certain o GMO Core Plus Bond Fund Allocation Fund
Funds' fundamental o GMO Currency Hedged International o GMO Growth Fund
investment restriction Bond Fund o GMO Inflation Indexed Bond Fund
with respect to o GMO Currency Hedged International o GMO International Bond Fund
investments in certain Equity Fund o GMO International Equity
related issuers o GMO Domestic Bond Fund Allocation Fund
o GMO Emerging Countries Fund o GMO International Intrinsic Value Fund
o GMO Emerging Country Debt Fund o GMO International Small
o GMO Emerging Country Debt Companies Fund
Share Fund o GMO Real Estate Fund
o GMO Emerging Markets Fund o GMO Short-Duration Investment Fund
o GMO Emerging Markets Quality o GMO Small Cap Growth Fund
Fund o GMO Small Cap Value Fund
o GMO Foreign Fund o GMO Tobacco-Free Core Fund
o GMO Global Balanced Asset o GMO U.S. Core Fund
Allocation Fund o GMO U.S. Sector Fund
o GMO Global Bond Fund o GMO Value Fund
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2C. Approving revisions o GMO Benchmark-Free Allocation Fund 7
to certain Funds' o GMO Global Balanced Asset Allocation Fund
fundamental o GMO Global (U.S.+) Equity Allocation Fund
investment restriction o GMO International Equity Allocation Fund
with respect to o GMO U.S. Sector Fund
investments in
commodities
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PROXY STATEMENT
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GMO TRUST
GMO ALPHA ONLY FUND GMO INTERNATIONAL EQUITY ALLOCATION FUND
GMO BENCHMARK-FREE ALLOCATION FUND GMO INTERNATIONAL GROWTH FUND
GMO CORE PLUS BOND FUND GMO INTERNATIONAL INTRINSIC VALUE FUND
GMO CURRENCY HEDGED INTERNATIONAL BOND FUND GMO INTERNATIONAL SMALL COMPANIES FUND
GMO CURRENCY HEDGED INTERNATIONAL EQUITY FUND GMO INTRINSIC VALUE FUND
GMO DOMESTIC BOND FUND GMO REAL ESTATE FUND
GMO EMERGING COUNTRIES FUND GMO SHORT-DURATION COLLATERAL FUND
GMO EMERGING COUNTRY DEBT FUND GMO SHORT-DURATION INVESTMENT FUND
GMO EMERGING COUNTRY DEBT SHARE FUND GMO SMALL CAP GROWTH FUND
GMO EMERGING MARKETS FUND GMO SMALL CAP VALUE FUND
GMO EMERGING MARKETS QUALITY FUND GMO SPECIAL PURPOSE HOLDING FUND
GMO FOREIGN FUND GMO TAIWAN FUND
GMO FOREIGN SMALL COMPANIES FUND GMO TAX-MANAGED INTERNATIONAL EQUITIES FUND
GMO GLOBAL BALANCED ASSET ALLOCATION FUND GMO TAX-MANAGED SMALL COMPANIES FUND
GMO GLOBAL BOND FUND GMO TAX-MANAGED U.S. EQUITIES FUND
GMO GLOBAL GROWTH FUND GMO TOBACCO-FREE CORE FUND
GMO GLOBAL (U.S.+) EQUITY ALLOCATION FUND GMO U.S. CORE FUND
GMO GROWTH FUND GMO U.S. QUALITY EQUITY FUND
GMO INFLATION INDEXED BOND FUND GMO U.S. SECTOR FUND
GMO INTERNATIONAL BOND FUND GMO VALUE FUND
GMO INTERNATIONAL DISCIPLINED EQUITY FUND GMO WORLD OPPORTUNITY OVERLAY FUND
40 Rowes Wharf
Boston, Massachusetts 02110
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INTRODUCTION
The enclosed proxy is solicited by the Trustees of GMO Trust (the
"Trust") for use at the Special Meeting of Shareholders (the "Special Meeting")
to be held on March 23, 2005 at 9:00 a.m., Boston time, and any adjournment(s)
thereof, for action upon matters set forth in the accompanying Notice of the
Special Meeting of Shareholders (the "Notice"). Shareholders of record at the
close of business on February 11, 2005 are entitled to be present and to vote at
the Special Meeting or any adjourned session thereof. The Notice, this Proxy
Statement and the enclosed proxy card are first being mailed to shareholders on
or about February 23, 2005.
There are 42 series of shares of the Trust that had shareholders as of
February 11, 2005 (each, a "Fund" and collectively, the "Funds").
The Trustees recommend that you vote:
1. For electing the nominees for election to the Board of
Trustees;
2A. For approving revisions to Real Estate Fund's and
Short-Duration Investment Fund's fundamental investment
restrictions with respect to concentration in any one
industry;
2B. For approving the elimination of Alpha Only Fund's, Core Plus
Bond Fund's, Currency Hedged International Bond Fund's,
Currency Hedged International Equity Fund's, Domestic Bond
Fund's, Emerging Countries Fund's, Emerging Country Debt
Fund's, Emerging Country Debt Share Fund's, Emerging Markets
Fund's, Emerging Markets Quality Fund's, Foreign Fund's,
Global Balanced Asset Allocation Fund's, Global Bond Fund's,
Global (U.S.+) Equity Allocation Fund's, Growth Fund's,
Inflation Indexed Bond Fund's, International Bond Fund's,
International Equity Allocation Fund's, International
Intrinsic Value Fund's, International Small Companies Fund's,
Real Estate Fund's, Short-Duration Investment Fund's, Small
Cap Growth Fund's, Small Cap Value Fund's, Tobacco-Free Core
Fund's, U.S. Core Fund's, U.S. Sector Fund's and Value Fund's
fundamental investment restrictions with respect to
investments in certain related issuers; and
2C. For approving revisions to Benchmark-Free Allocation Fund's,
Global Balanced Asset Allocation Fund's, Global (U.S.+) Equity
Allocation Fund's, International Equity Allocation Fund's and
U.S. Sector Fund's fundamental investment restrictions with
respect to investments in commodities.
Each whole share is entitled to one vote as to any matter on which it
is entitled to vote and each fractional share is entitled to a proportionate
fractional vote. Shares represented by your duly represented proxy will be voted
in accordance with your instructions. If no instructions are made, the proxy
will be voted FOR the matters specified in the proxy.
Shareholders of all Funds vote together as a single class on the
election of Trustees. Shareholders of Funds that are voting on proposals to
modify their Funds' fundamental investment restrictions vote separately by Fund
on such proposals.
2
I. ELECTION OF TRUSTEES
About the Nominees. It is proposed that shareholders elect Donald W.
Glazer, Jay O. Light, and W. Nicholas Thorndike as Trustees of the Trust. All of
the nominees, except Mr. Thorndike, are presently Trustees of the Trust and have
served in such capacity since originally appointed as members of the Board. The
Investment Company Act of 1940, as amended (the "1940 Act"), generally requires
that your Fund have a minimum percentage of Trustees who are not "interested
persons" of your Fund or Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager"),
your Fund's investment manager (referred to as "Independent Trustees" throughout
this proxy statement). Mr. Glazer and Mr. Light are Independent Trustees, and
Mr. Thorndike, if elected, will be an Independent Trustee. The current Trustees,
including the Independent Trustees, recommend the election of Mr. Thorndike. In
making this recommendation, the Trustees have considered Mr. Thorndike's
experience as described in the table below, as well as Mr. Thorndike's service
as Chairman of the Board/Managing Partner of Wellington Management Company from
1970-1988.
The following table sets forth the ages and a description of the
principal occupations of the nominees for Trustee. Except as shown, the
principal occupations and business experience for the last five years of the
nominees have been with the employers indicated. The address of each nominee is
c/o GMO Trust, 40 Rowes Wharf, Boston, Massachusetts 02110.
NUMBER OF
PORTFOLIOS IN
PRINCIPAL FUND COMPLEX OTHER
OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
NAME POSITION WITH LENGTH OF DURING PAST NOMINEE, HELD BY
AND AGE TRUST TIME SERVED 5 YEARS IF ELECTED NOMINEE
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Donald W. Glazer, Lead December 2000- Consultant--Business and 42 None
Esq. Independent present Law;1 Vice Chair (since
Age: 60 Trustee 2002) and Secretary, Provant,
Inc.; Author of Legal
Treatises.
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Jay O. Light Trustee May 1996- Professor of Business 42 Director of Harvard
Age: 63 present Administration and Senior Management Company,
Associate Dean, Harvard Inc. and Verde, Inc.;
University. Director of Partners
HealthCare System, Inc.
and Chair of its
Investment Committee.
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W. Nicholas N/A N/A Director or trustee of various 42 Director of Courier
Thorndike corporations and charitable Corporation (a book
Age: 71 organizations, including publisher and
Courier Corporation (a book manufacturer); Member
publisher and manufacturer) of the Investment
(July 1989-present); Putnam Committee of Partners
Funds (December 1992-June HealthCare System, Inc.
2004); and Providence
Journal (a newspaper
publisher) (December 1986-
December 2003).
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(1) As part of Mr. Glazer's work as a consultant, he provides part-time
consulting services to Goodwin Procter LLP ("Goodwin"). Goodwin has
provided legal services to Renewable Resources, LLC, an affiliate of
Grantham, Mayo, Van Otterloo & Co. LLC ("GMO LLC" or the "Manager"),
the Trust's investment adviser; GMO LLC, in connection with its
relationship with Renewable Resources, LLC; and funds managed by
Renewable Resources, LLC. Mr. Glazer has represented that he has no
financial interest in, and is not involved in the provision of, such
legal services. In the calendar year ended December 31, 2003, these
entities paid $469,752.50 in legal fees and disbursements to Goodwin.
For the calendar year ended December 31, 2004, billings for such legal
fees and disbursements were estimated to be approximately $373,499.47.
3
Each of the nominees has agreed to serve as a Trustee if elected. The
term of office of each nominee who is elected will be until the next meeting
held for the purpose of electing Trustees and until his successor is elected and
qualified, or until such Trustee sooner dies, resigns or is removed, as provided
in the Trust's governing documents. If any of the nominees should be unavailable
for election at the time of the Special Meeting (which is not presently
anticipated), the persons named as proxies may vote for other persons in their
discretion.
COMMITTEES OF THE BOARD OF TRUSTEES. The Board of Trustees has the
authority to establish committees, which may consist of two or more Trustees and
which may exercise the power and authority of the Trustees to the extent the
Board determines. The Board of Trustees currently has established two standing
committees, the Independent Trustees/Audit Committee and the Pricing Committee.
Independent Trustees/Audit Committee. The Independent Trustees/Audit
Committee assists the Board of Trustees in performing its functions under the
1940 Act and Massachusetts law. The Committee performs specific tasks assigned
to the Trustees who are not interested persons of the Trust pursuant to the 1940
Act, including periodic consideration of the investment management contracts of
the Trust. In addition, the Committee also oversees the Funds' accounting and
financial reporting policies and practices, as well as the quality and
objectivity of the Funds' financial statements and the independent audit
thereof. Messrs. Glazer and Light, the Independent Trustees, are members of the
Independent Trustees/Audit Committee. Mr. Light serves as Chairman of the
Committee.
Pricing Committee. The Pricing Committee determines the fair value of
the Trust's securities or other assets under the circumstances described in the
GMO Trust Pricing Policies adopted by the Board, as amended from time to time
(the "Procedures"). To fulfill its responsibilities and duties, the Pricing
Committee periodically reviews the Procedures with the Manager and recommends
changes (including the establishment of new pricing methodologies), if any, to
the Board of Trustees. Messrs. Glazer and Light, the Independent Trustees, are
members of the Pricing Committee; R. Jeremy Grantham, who is currently a Trustee
but will not stand for reelection (although Mr. Grantham will continue in his
current capacity at Grantham, Mayo, Van Otterloo & Co. LLC), is an alternate
member of the Pricing Committee. Mr. Glazer serves as Chairman of the Committee.
Following the Special Meeting, if the slate of nominees is elected by
shareholders, the Trustees expect that the newly reconstituted Board of Trustees
will create three standing committees: the Audit Committee, with Mr. Thorndike
as Chairman, the Investment/Pricing Committee, with Mr. Light as Chairman, and
the Governance Committee, with Mr. Glazer as Chairman. In addition, it is
anticipated that Mr. Glazer, who currently is Lead Independent Trustee, will be
elected Chairman of the Board of Trustees.
NOMINATION OF CANDIDATES FOR TRUSTEE. The Independent Trustees have
responsibility for selecting and nominating candidates for Trustee, including
identifying, and evaluating the qualifications of, potential candidates.
Prospective nominees may be recommended by the current Trustees, the Trust's
Officers, current shareholders, or other sources that the Independent Trustees
deem appropriate. Candidates properly submitted by shareholders will be
considered on the same basis as candidates recommended by other sources. The
Independent Trustees have full discretion to reject nominees who are recommended
by shareholders. The Independent Trustees also may, but are not required to,
engage a third-party professional search firm to assist them in identifying and
evaluating potential nominees for Trustee.
The Independent Trustees consider a variety of qualities, skills, and
other attributes in evaluating potential candidates for nomination to the Board
of Trustees. These considerations may include, but are not limited to: (i)
relevant industry and related experience, including experience serving on other
boards; (ii) educational background; (iii) financial expertise; (iv) an
assessment of the candidate's ability, judgment, and expertise; and (v) the
availability and commitment of a candidate to attend meetings and to perform his
or her responsibilities on the Board of Trustees. In evaluating potential
candidates, the Independent Trustees also consider the overall composition of
the Board of Trustees and assess any perceived needs of the Board or any of its
committees. After evaluating the qualifications of a potential candidate based
on such considerations, the Independent Trustees may decide to interview a
candidate and, after one or more interviews, may recommend such candidate for
nomination for Trustee. The Independent Trustees have not established a separate
committee, or adopted a written charter, exclusively for purposes of nominating
candidates to the Board of Trustees.
4
SHAREHOLDER COMMUNICATION WITH TRUSTEES. The Board of Trustees provides
a process for shareholders to send communications to the Trustees, including
recommendations for nominees to the Board of Trustees. Shareholders may direct
communications to the Trustees as a whole or to specified individual Trustees by
submitting such communications in writing to the following address:
To the Attention of the Board of Trustees
c/o GMO Trust Chief Compliance Officer
GMO Trust
40 Rowes Wharf
Boston, MA 02110
Procedures with respect to shareholder communications with Trustees
apply separately to each Fund. A shareholder communication must (i) be in
writing and be signed by the shareholder, (ii) identify the Fund to which it
relates, and (iii) identify the class and number of shares held by the
shareholder.
MEETINGS. During the fiscal year ended February 29, 2004, the Board of
Trustees held four regular meetings and seven special meetings. The Independent
Trustees/Audit Committee held eight meetings, and the Pricing Committee held six
meetings. None of the Trustees attended less than 75% of the meetings of the
Board and meetings of the Committees on which he served.
COMPENSATION. Each Independent Trustee receives an annual retainer from
the Trust for his services. In addition, the Chair of each of the Trust's
standing committees receives an annual fee, and, effective January 1, 2005, the
Lead Independent Trustee has received an annual fee. If the slate of nominees is
elected by shareholders, it is expected that Mr. Glazer will be elected to serve
as Chairman of the Board (in lieu of his current service as Lead Independent
Trustee) and, in his capacity as such, will be entitled to the same additional
compensation to which he currently is entitled as Lead Independent Trustee. Each
Independent Trustee also is paid a fee for each in-person and for each telephone
meeting of the Board of Trustees or any committee thereof attended or
participated in, as the case may be, and a fee for consideration of any action
proposed to be taken by written consent. No additional compensation is paid to
any Independent Trustee for travel time to meetings, attendance at directors'
educational seminars or conferences, service on industry or association
committees, participation as speakers at directors' conferences, or service on
special director task forces or subcommittees, although the Trust does reimburse
Independent Trustees for seminar or conference fees and for travel expenses
incurred in connection with attendance at such seminars or conferences.
Independent Trustees do not receive any employee benefits such as pension or
retirement benefits or health insurance.
Exhibit A attached hereto sets forth the compensation paid to the
Trustees from the Funds and the Trust during the fiscal year ended February 29,
2004.
ADDITIONAL INFORMATION ABOUT THE NOMINEES. Please refer to Exhibit B
and Exhibit C attached hereto for certain information concerning beneficial
ownership by the nominees for Trustee, in the Funds and in related companies of
the Funds' adviser or principal underwriter, as of January 14, 2005.
In his capacity as a former independent trustee of the Putnam Funds,
Mr. Thorndike has been named as a defendant in a number of private lawsuits
instituted against the Putnam Funds, their investment manager, and certain of
their current and former trustees, among other parties. These lawsuits make
various allegations relating to market timing, short-term trading, late trading
and other activities involving the Putnam Funds, and make related claims
including violations of various federal securities laws and breach of fiduciary
duty.
REQUIRED VOTE. Pursuant to the Amended and Restated Agreement and
Declaration of Trust, 40% of the shares entitled to vote, present in person or
represented by proxy, shall constitute a quorum. Approval of this proposal as to
any nominee requires the affirmative vote of a plurality of the shares of the
Trust (all Funds of the Trust voting together as a single class) present at the
Special Meeting in person or by proxy.
THE TRUSTEES UNANIMOUSLY RECOMMEND THAT SHAREHOLDERS VOTE
FOR THE NOMINEES FOR TRUSTEE NAMED IN THIS PROPOSAL I.
5
II. MODIFICATIONS TO FUNDAMENTAL INVESTMENT RESTRICTIONS
The 1940 Act requires registered investment companies to have
"fundamental" investment restrictions governing certain of their investment
practices. Investment companies may also voluntarily designate restrictions
relating to other investment practices as fundamental. "Fundamental" investment
restrictions may be changed only by shareholder vote.
A. CONCENTRATION OF INVESTMENTS IN A PARTICULAR INDUSTRY
AFFECTED FUNDS:
Real Estate Fund
Short-Duration Investment Fund
BACKGROUND. The Trustees recommend that the shareholders of Real Estate
Fund and Short-Duration Investment Fund approve modifications to the fundamental
investment restrictions currently observed by such Funds with respect to
concentration of investments in any one industry. The purpose of these proposed
changes is to ensure such Funds' compliance with positions taken by the
Securities and Exchange Commission ("SEC") as to concentration in a particular
industry. These proposed changes are being made at this time because the Funds
are otherwise sending proxy materials to their shareholders relating to the
election of Trustees, and not because either Fund intends to change its
investment approach as a result of modifications to the Fund's fundamental
investment restriction. The 1940 Act limits an investment company's ability to
concentrate its investments in securities of any particular industry. The staff
of the SEC takes the position that a mutual fund "concentrates" its investments
in a particular industry if, in general, more than 25% of the fund's assets are
invested in the securities of issuers in that industry.
REAL ESTATE FUND. The current restriction with respect to the Real
Estate Fund states that the Fund may not "concentrate more than 25% of the value
of its total assets in any one industry, except that ... [it] may invest more
than 25% of its assets in real estate-related securities."
The Trustees propose to revise this restriction to provide that the
Real Estate Fund may not "concentrate more than 25% of the value of its total
assets in any one industry, except that . . . [it] will invest more than 25% of
its assets in real estate-related investments" (emphasis added). This proposed
revision clarifies that it is the mandatory policy of the Real Estate Fund to
invest more than 25% of its assets in real estate-related investments. THE
REVISION OF THIS RESTRICTION WILL NOT RESULT IN A CHANGE IN THE FUND'S
INVESTMENT POLICY, as the Fund is required to invest at least 80% of its assets
in real estate-related investments as part of its compliance with Rule 35d-1
under the 1940 Act, which requires a fund whose name suggests that it focuses on
a particular type of investment to invest at least 80% of its assets in the type
of investment suggested by its name.
SHORT-DURATION INVESTMENT FUND. Currently, the fundamental investment
restriction for the Short-Duration Investment Fund states that the Fund may not
"concentrate more than 25% of the value of its total assets in any one industry,
except that [it] may invest up to 100% of its assets in obligations issued by
banks."
The Trustees propose revising the Short-Duration Investment Fund's
current restriction to delete the exception relating to bank obligations and
provide that the Fund may not "concentrate more than 25% of the value of its
total assets in any one industry." This proposal will bring the Fund's
restriction into line with the restrictions of most other GMO Funds. The current
restriction for the Short-Duration Investment Fund was adopted when the Fund
operated as a money market fund. Because the Short-Duration Investment Fund no
longer operates as a money market fund, it is not necessary to retain the
freedom of action with respect to investments in bank obligations.
THE REVISION OF THIS RESTRICTION WILL NOT RESULT IN A CHANGE IN THE
FUND'S INVESTMENT POLICY, AS THE FUND ALREADY HAS IN PLACE A NON-FUNDAMENTAL
RESTRICTION LIMITING THE FUND'S INVESTMENTS IN OBLIGATIONS ISSUED BY BANKS TO NO
MORE THAN 25% OF THE VALUE OF THE FUND'S TOTAL ASSETS.
REQUIRED VOTE. With respect to each of the Funds listed above, pursuant to the
1940 Act, more than 50% of the shares entitled to vote of the affected Fund,
present in person or represented by proxy, shall constitute a quorum. Approval
of this proposal requires the affirmative vote of the lesser of (1) more than
50% of the outstanding shares of the affected Fund, or (2) 67% or more of the
shares of the affected fund present at the meeting if more than 50% of the
outstanding shares are represented at the meeting in person or by proxy.
6
B. INVESTMENTS IN CERTAIN RELATED ISSUERS
AFFECTED FUNDS:
Alpha Only Fund Growth Fund
Core Plus Bond Fund Inflation Indexed Bond Fund
Currency Hedged International Bond Fund International Bond Fund
Currency Hedged International Equity Fund International Equity Allocation Fund
Domestic Bond Fund International Intrinsic Value Fund
Emerging Countries Fund International Small Companies Fund
Emerging Country Debt Fund Real Estate Fund
Emerging Country Debt Share Fund Short-Duration Investment Fund
Emerging Markets Fund Small Cap Growth Fund
Emerging Markets Quality Fund Small Cap Value Fund
Foreign Fund Tobacco-Free Core Fund
Global Balanced Asset Allocation Fund U.S. Core Fund
Global Bond Fund U.S. Sector Fund
Global (U.S.+) Equity Allocation Fund Value Fund
BACKGROUND. The Trustees recommend that the shareholders of the
affected Funds approve the elimination of a fundamental investment restriction
applicable to such Funds with respect to investments in certain related issuers.
The restriction provides that the affected Funds may not ". . . invest in
securities of any issuer if, to the knowledge of the Trust, officers and
Trustees of the Trust and officers and members of the Manager who beneficially
own more than 1/2 of 1% of the securities of that issuer together beneficially
own more than 5%."
This restriction was adopted in response to certain states' Blue Sky
laws, which have not applied to the Funds since 1996. Consequently, for several
years new Funds have not adopted this restriction. As the affected Funds are
otherwise sending proxy materials to their shareholders at this time relating to
the election of Trustees, it is proposed that the affected Funds eliminate this
restriction because it is no longer required by any applicable law, and in order
to bring the affected Funds' fundamental investment restrictions in line with
those of other Funds. The Manager does not expect that the elimination of this
restriction will result in a change in the affected Funds' investment policies.
All Funds will continue to be subject to provisions of the 1940 Act
governing transactions with affiliates. In addition, the Manager maintains a
code of ethics to monitor certain transactions involving itself and its
employees affecting the Funds.
REQUIRED VOTE. With respect to each of the Funds listed above, pursuant
to the 1940 Act, more than 50% of the shares entitled to vote of the affected
Fund, present in person or represented by proxy, shall constitute a quorum.
Approval of this proposal requires the affirmative vote of the lesser of (1)
more than 50% of the outstanding shares of the affected Fund, or (2) 67% or more
of the shares of the affected Fund present at the meeting if more than 50% of
the outstanding shares are represented at the meeting in person or by proxy.
C. INVESTMENTS IN COMMODITIES
AFFECTED FUNDS:
Benchmark-Free Allocation Fund
Global Balanced Asset Allocation Fund
Global (U.S.+) Equity Allocation Fund
International Equity Allocation Fund
U.S. Sector Fund
BACKGROUND. Section 8 of the 1940 Act requires an investment company to
provide a recital of its policy as to the purchase and sale of commodities. The
current fundamental investment restriction of each affected Fund states that
such affected fund may not "[p]urchase or sell commodities or commodity
contracts, except that the Fund[ ] . . . may purchase and sell financial futures
contracts and options thereon."
The Manager has advised the Trustees that it believes that it would be
beneficial to have the flexibility to allocate a portion of the affected Funds'
assets to one or more funds that invest in certain commodity-related
investments,
7
including commodity futures and commodity swaps. These investments may have a
low or negative correlation to certain other asset classes held by the affected
Funds and therefore offer opportunities for further diversification of the
affected Funds' portfolios. Although the Manager does not believe that the
existing investment restriction of the affected Funds should prohibit indirect
investment in commodity contracts through the underlying funds in which they
invest, the Manager determined that it would be appropriate to remove any
potential ambiguity in this regard. Accordingly, the Trustees recommend that the
shareholders of the affected Funds approve modifications to the fundamental
investment restriction quoted above.
If the proposal is approved, the Manager expects to allocate a portion
of the affected Funds' assets to one or more underlying funds that invest in
commodity-related investments. To the extent that a Fund invests in such
underlying funds, it may be subject to risks in addition to those to which it is
currently subject. Exposure to the global commodity markets entails risks, as
the value of a Fund's shares will be affected by factors particular to the
commodity markets. The value of commodities and commodity-related derivative
instruments can be extremely volatile. In addition, the value of a Fund's
indirect investments in commodity-related derivative instruments may fluctuate
more than the relevant underlying commodity, commodity index, or other
commodity-linked variable.
The proposed fundamental investment restriction for each affected Fund
is set forth below:
"The Fund may not purchase commodities or commodities contracts, except
that the Fund may purchase and sell financial futures contracts and
options thereon and may invest in other registered open-end investment
companies that purchase or sell commodities, commodity contracts or any
type of commodity-related derivative instrument (including without
limitation all types of commodity-related swaps, futures contracts,
forward contracts and options contracts)."
REQUIRED VOTE. With respect to each of the Funds listed above, pursuant
to the 1940 Act, more than 50% of the shares entitled to vote of the affected
Fund, present in person or represented by proxy, shall constitute a quorum.
Approval of this proposal requires the affirmative vote of the lesser of (1)
more than 50% of the outstanding shares of the affected Fund, or (2) 67% or more
of the shares of the affected Fund present at the meeting if more than 50% of
the outstanding shares are represented at the meeting in person or by proxy.
THE TRUSTEES UNANIMOUSLY RECOMMEND THAT SHAREHOLDERS VOTE
FOR PROPOSALS II.A, II.B AND II.C.
8
FURTHER INFORMATION ABOUT VOTING AND THE SPECIAL MEETING
QUORUM AND METHODS OF TABULATION. The shareholders of each Fund vote
together as a single class with respect to the election of Trustees (Proposal
I). The shareholders of Funds that are voting on proposals to modify their
Funds' fundamental investment restrictions vote separately by Fund (Proposals
II.A, II.B and II.C). Pursuant to the Amended and Restated Agreement and
Declaration of Trust, 40% of the shares entitled to vote, present in person or
represented by proxy, constitutes a quorum for the transaction of business at
the Special Meeting. However, approval of Proposals II.A, II.B and II.C with
respect to each of the affected Funds will require the presence of more than 50%
of those Funds' shares at the Special Meeting in person or by proxy. Votes cast
by proxy or in person at the Special Meeting will be counted by persons
appointed by the Trust as tellers (the "Tellers") for the Special Meeting.
The Tellers will count the total number of votes cast "for" approval of
the proposals for purposes of determining whether sufficient affirmative votes
have been cast. The Tellers will count shares represented by proxies that
reflect abstentions and "broker non-votes" (i.e., shares held by brokers or
nominees as to which (i) instructions have not been received from the beneficial
owners or the persons entitled to vote and (ii) the broker or nominee does not
have discretionary voting power on a particular matter) as shares that are
present on the matter for purposes of determining the presence of a quorum. With
respect to Proposal I, neither abstentions nor broker non-votes have any effect
on the outcome of the proposal. With respect to Proposals II.A, II.B and II.C,
abstentions and broker non-votes have the effect of negative votes on the
proposals.
VOTING BY FUNDS THAT INVEST IN CERTAIN OTHER FUNDS. Because certain
Funds invest in other Funds of the Trust (collectively, the "underlying funds"),
the Board of Trustees is entitled to vote shares of the underlying funds held by
these Funds (excluding shares of Emerging Country Debt Fund held by Emerging
Country Debt Share Fund) at the Special Meeting. With respect to each underlying
fund, the Board has determined that it will direct that the shares held by other
Funds be voted in the same proportion as the votes cast by all other
shareholders of such underlying fund. To the extent that certain Funds are the
sole shareholders of an underlying fund, shares of the underlying fund held by
such Funds shall be voted at the direction of the Board of Trustees. Shares of
Emerging Country Debt Fund held by Emerging Country Debt Share Fund will be
voted in the same proportion as the votes cast by all other shareholders of
Emerging Country Debt Fund.
OTHER BUSINESS. The Trustees know of no other business to be brought
before the Special Meeting. However, if any other matters properly come before
the Special Meeting, it is their intention that proxies which do not contain
specific restrictions to the contrary will be voted on such matters in
accordance with the judgment of the persons named in the enclosed form of proxy.
SIMULTANEOUS MEETINGS. Because all shareholders will vote together as a
single class with respect to the election of Trustees, the meeting of
shareholders of your Fund is called to be held at the same time as the meetings
of shareholders of all of the other GMO Trust Funds. It is anticipated that all
meetings will be held simultaneously. With regard to proposals other than the
election of Trustees, if any shareholder at the meeting objects to the holding
of a simultaneous meeting and moves for an adjournment of the meeting to a time
promptly after the simultaneous meetings, the persons named as proxies will vote
in favor of such adjournment with respect to such other proposals.
REVOCATION OF PROXIES. Proxies may be revoked at any time before they
are voted either (i) by a written revocation received by the Clerk of the Trust,
(ii) by properly executing a later-dated proxy, or (iii) by attending the
Special Meeting and voting in person.
DATE FOR RECEIPT OF SHAREHOLDERS' PROPOSALS FOR SUBSEQUENT MEETINGS OF
SHAREHOLDERS. The Amended and Restated Agreement and Declaration of Trust does
not provide for annual meetings of shareholders, but the Trustees may from time
to time schedule special meetings. Shareholder proposals for inclusion in the
Trust's proxy statement for any subsequent meeting must be received by the Trust
a reasonable period of time prior to any such meeting.
ADJOURNMENT. In the event that a quorum is not present and/or
sufficient votes in favor of any of the proposals set forth in the Notice of
Special Meeting are not received by the time scheduled for the Special Meeting,
the persons named as proxies may propose one or more adjournments of the Special
Meeting for a period or periods to permit further solicitation of proxies with
respect to any of such proposals. Any such adjournments will require the
affirmative vote of a majority of the votes cast on the question in person or by
proxy at the session of the Special Meeting to be adjourned, as required by the
Amended and Restated Agreement and Declaration of Trust and the Amended and
Restated By-Laws. The persons named as proxies will vote in favor of such
adjournment those proxies
9
that they are entitled to vote in favor of such proposals. They will vote
against any such adjournment those proxies required to be voted against such
proposals. The Trust pays the costs of any additional solicitation and of any
adjourned session. Any proposals for which sufficient favorable votes have been
received by the time of the Special Meeting may be acted upon and considered
final regardless of whether the Special Meeting is adjourned to permit
additional solicitation with respect to any other proposals.
FINANCIAL INFORMATION. A copy of the Annual Report for each Fund for
the most recent fiscal year, including financial statements, has previously been
mailed to shareholders. Upon request, a Fund will furnish, without charge, to
any of its shareholders, a copy of the Annual Report of the Fund for its most
recent fiscal year, and a copy of its semiannual report for any subsequent
semiannual period. Such requests may be directed to GMO Shareholder Services, 40
Rowes Wharf, Boston, Massachusetts 02110, or by calling collect (617) 346-7646.
ADDITIONAL INFORMATION. The costs of solicitation of proxies will be
borne by the Trust. In addition to soliciting proxies by mail, the Trustees of
your Fund and employees of the Trust may solicit proxies in person or by
telephone.
FUND INFORMATION
INVESTMENT ADVISER AND DISTRIBUTOR. Grantham, Mayo, Van Otterloo & Co.
LLC serves as the Trust's investment adviser. Funds Distributor, Inc. ("FDI"),
100 Summer Street, 15th Floor, Boston, Massachusetts 02110, serves as the
Trust's distributor on behalf of each of the Funds, except GMO Short-Duration
Collateral Fund, GMO Special Purpose Holding Fund, GMO Taiwan Fund, and GMO
World Opportunity Overlay Fund, which are not available for public distribution.
LIMITATION OF TRUSTEE LIABILITY. The Amended and Restated By-laws of
the Trust provide that the Trustees shall not be responsible or liable in any
event for any neglect or wrongdoing of any officer, agent, employee, Manager, or
principal underwriter of the Trust, nor shall any Trustee be responsible for the
act or omission of any other Trustee; provided, however, that no Trustee shall
be protected against any liability to which he would otherwise be subject by
reason of willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties involved in the conduct of his office.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. The Trustees have
selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts
02110, to serve as each Fund's independent registered public accounting firm for
the current fiscal year. PricewaterhouseCoopers LLP conducts annual audits of
the Trust's financial statements, assists in the preparation of each Fund's
federal and state income tax returns, consults with the Trust as to matters of
accounting and federal and state income taxation, and provides assistance in
connection with the preparation of various Securities and Exchange Commission
filings. If requested in writing by any shareholder at least five days prior to
the date of the Special Meeting, a representative of PricewaterhouseCoopers LLP
will be available to make a statement if desired and to respond to appropriate
questions.
Exhibit D to this proxy sets forth, for each Fund's two most recent
fiscal years, the fees billed by PricewaterhouseCoopers LLP for (a) all audit
and non-audit services provided directly to the Fund, (b) those non-audit
services provided to the Manager or any entity controlling, controlled by, or
under common control with the Manager that provides ongoing services to the Fund
(each, a "Service Affiliate") that relate directly to the operations and
financial reporting of such Fund, and (c) aggregate non-audit fees in each of
the last two fiscal years to each Fund and its Service Affiliates.
10
PRE-APPROVAL POLICIES OF THE INDEPENDENT TRUSTEES/AUDIT COMMITTEE. The
Independent Trustees/Audit Committee has adopted an Audit and Non-Audit Services
Pre-Approval Policy (the "Policy"), which sets forth the procedures and the
conditions pursuant to which services to be performed by the independent auditor
are to be pre-approved. Under the Policy, the Independent Trustees/Audit
Committee pre-approves, on an annual basis, the following services: (1) the
engagement, scope and terms of the annual audit; (2) certain audit-related
services; (3) certain tax services that the Committee believes would not impair,
and are consistent with the SEC's rules on, auditor independence; and (4) those
permissible non-audit services that the Committee believes are routine and
recurring services and that would not impair, and are consistent with the SEC's
rules on, auditor independence, subject to certain limitations on the projected
fees associated with each service. All other types of services not included on
the schedule, or for which the projected fees exceed those provided in the
schedule, require the specific pre-approval by the Independent Trustees/Audit
Committee or the Chairperson of the Committee (if timing necessitates that
pre-approval is required before the Committee's next regularly scheduled
meeting) if they are to be provided by the independent auditor.
The Trust's Independent Trustees/Audit Committee has considered whether
the provision of non-audit services by a Fund's independent registered public
accounting firm to the Fund's Service Affiliates that were not pre-approved by
the Committee (because such services did not relate directly to the operations
and financial reporting of the Fund) was compatible with maintaining the
independence of the independent registered public accounting firm as the Fund's
auditors.
OTHER INFORMATION. Please refer to attached Exhibits E through I for
additional information about the Funds and the Trust, including information
about the Trust's Officers, shares outstanding in the classes offered by your
Fund, and a list of beneficial owners known by the Trust to own beneficially 5%
or more of the outstanding shares of a class of a Fund in the Trust as of
January 14, 2005.
PLEASE EXECUTE AND RETURN THE ENCLOSED PROXY PROMPTLY TO ENSURE THAT A
QUORUM IS PRESENT AT THE MEETING. A SELF-ADDRESSED, POSTAGE PREPAID ENVELOPE IS
ENCLOSED FOR YOUR CONVENIENCE.
February 23, 2005
11
EXHIBIT A -- TRUSTEE COMPENSATION
---------------------------------
Other than as set forth in the table below, no Trustee or Officer of
the Trust received any direct compensation from the Trust or any Fund during the
fiscal year ended February 29, 2004.
NAME OF PERSON, POSITION
------------------------------------------
DONALD W. GLAZER, ESQ., JAY O. LIGHT,
TRUSTEE TRUSTEE
COMPENSATION FROM EACH FUND:
Alpha Only Fund $ 279 $ 279
Benchmark-Free Allocation Fund 299 299
Core Plus Bond Fund 1,834 1,836
Currency Hedged International Bond Fund 116 116
Currency Hedged International Equity Fund 335 335
Domestic Bond Fund 955 956
Emerging Countries Fund 951 952
Emerging Country Debt Fund 10,844 9,550
Emerging Country Debt Share Fund 446 447
Emerging Markets Fund 19,809 19,825
Emerging Markets Quality Fund 700 701
Foreign Fund 13,974 13,985
Foreign Small Companies Fund 4,118 4,124
Global Balanced Asset Allocation Fund 1,926 1,928
Global Bond Fund 872 872
Global Growth Fund N/A* N/A*
Global (U.S.+) Equity Allocation Fund 857 859
Growth Fund 2,158 2,160
Inflation Indexed Bond Fund 1,765 1,766
International Bond Fund 822 823
International Disciplined Equity Fund 513 513
International Equity Allocation Fund 757 758
International Growth Fund 1,323 1,324
International Intrinsic Value Fund 8,466 8,472
International Small Companies Fund 4,878 4,882
Intrinsic Value Fund 334 334
Real Estate Fund 939 939
Short-Duration Collateral Fund 7,444 6,336
Short-Duration Investment Fund 1,121 1,125
Small Cap Growth Fund 161 161
Small Cap Value Fund 977 978
Special Purpose Holding Fund 13,300** 11,850**
Taiwan Fund 527 527
Tax-Managed International Equities Fund 649 650
Tax-Managed Small Companies Fund 120 120
Tax-Managed U.S. Equities Fund 255 255
Tobacco-Free Core Fund 2,973 2,975
U.S. Core Fund 15,710 15,722
U.S. Quality Equity Fund 0*** 0***
U.S. Sector Fund 192 192
Value Fund 301 301
World Opportunity Overlay Fund N/A* N/A*
PENSION OR RETIREMENT BENEFITS ACCRUED AS PART OF
FUND EXPENSES: N/A N/A
ESTIMATED ANNUAL BENEFITS UPON RETIREMENT: N/A N/A
TOTAL COMPENSATION FROM THE TRUST: $124,000 $120,230
A-1
- ------------
* As of February 29, 2004, the Fund had not commenced operations and,
therefore, did not pay any compensation to the Trustees as of February
29, 2004. Following commencement of operations, this Fund will pay its
pro rata share of the Trustees' total compensation from the Trust based
on its pro rata share of the Trust's assets. It is estimated that
Global Growth Fund will compensate Mr. Glazer in the amount of $120 and
Mr. Light in the amount of $118 for the fiscal year ending February 28,
2005. It is estimated that World Opportunity Overlay Fund will pay
compensation in the amount of $687 to both Mr. Glazer and Mr. Light for
the fiscal year ending February 28, 2005.
** Reflects amounts paid to the Trustees by the Fund for the twelve-month
period ending February 29, 2004. Effective with the period ending
February 29, 2004, the Fund changed its fiscal year end from November
30 to February 28/29. The amounts set forth in the table include
amounts paid during a portion (from March 1, 2003 through November 30,
2003) of the Fund's previous fiscal year ending November 30, 2003, and
amounts paid during the interim (December 1, 2003 through February 29,
2004) fiscal period ending February 29, 2004.
*** Reflects the period from the Fund's commencement of operations on
February 6, 2004 through February 29, 2004, during which no
compensation was paid to the Trustees. Following commencement of
operations, the Fund pays its pro rata share of the Trustees' total
compensation from the Trust based on its pro rata share of the Trust's
assets. For the fiscal year ending February 28, 2005, it is estimated
that the Fund will pay compensation in the amount of $3,195 to Mr.
Glazer and compensation in the amount of $3,141 to Mr. Light.
A-2
EXHIBIT B -- SHARE HOLDINGS
---------------------------
The table below shows the dollar range of shares of those Funds
beneficially owned directly by each nominee for Trustee as of January 14, 2005.
DOLLAR RANGE OF SHARES DIRECTLY OWNED
NAME/ FUNDS OFFERED HEREUNDER IN FUNDS OFFERED HEREUNDER
- ---------------------------------------------- --------------------------------------
DONALD W. GLAZER
GMO Alpha Only Fund Over $100,000
GMO Emerging Country Debt Fund Over $100,000
GMO Emerging Markets Fund Over $100,000
GMO Emerging Markets Quality Fund Over $100,000
GMO Foreign Small Companies Fund Over $100,000
GMO Inflation Indexed Bond Fund Over $100,000
GMO International Small Companies Fund Over $100,000
Aggregate Dollar Range of Shares Owned Over $100,000
JAY O. LIGHT
None None
W. NICHOLAS THORNDIKE
None None
The following table sets forth dollar ranges of the nominees' indirect
beneficial share ownership in Funds of the Trust, as of January 14, 2005, by
virtue of their direct ownership of shares of certain Funds (as disclosed in the
immediately preceding table) that invest in other Funds of the Trust and of
other private investment companies managed by the Manager that invest in Funds
of the Trust.
DOLLAR RANGE OF SHARES INDIRECTLY OWNED
NAME/ FUNDS OFFERED HEREUNDER IN FUNDS OFFERED HEREUNDER
- ---------------------------------------------- ----------------------------------------
DONALD W. GLAZER
GMO Emerging Markets Fund $10,001-$50,000
GMO International Growth Fund $50,001-$100,000
GMO International Intrinsic Value Fund $50,001-$100,000
GMO International Small Companies Fund $10,001-$50,000
GMO Real Estate Fund $1-$10,000
GMO Short-Duration Collateral Fund $10,001-$50,000
GMO Special Purpose Holding Fund $1-$10,000
GMO Taiwan Fund $1-$10,000
GMO U.S. Core Fund Over $100,000
GMO U.S. Quality Equity Fund $50,001-$100,000
GMO World Opportunity Overlay Fund $1-$10,000
Aggregate Dollar Range of Shares Owned Over $100,000
JAY O. LIGHT
None None
W. NICHOLAS THORNDIKE
None None
B-1
Except as indicated below, as of January 14, 2005, the current Trustees
and Officers of the Trust as a group owned less than 1% of the outstanding
shares of each class of each Fund.
AGGREGATE %
FUND CLASS OWNERSHIP INTEREST
- ---- ----- ------------------
Alpha Only Fund ............................ III 2.60%
International Bond Fund .................... III 4.92%
International Small Companies Fund ......... III 1.54%
Real Estate Fund ........................... III 1.30%
Short-Duration Investment Fund ............. III 2.56%
B-2
EXHIBIT C -- OWNERSHIP IN RELATED COMPANIES
-------------------------------------------
The table below sets forth information about securities owned by the
independent nominees for Trustee and their family members, as of December 31,
2004, in entities directly or indirectly controlling, controlled by, or under
common control with, the Manager or Funds Distributor, Inc., the Funds'
principal underwriter.
NAME OF OWNERS
NAME OF AND RELATIONSHIP TITLE OF VALUE OF PERCENT OF
NOMINEE TO NOMINEE COMPANY CLASS SECURITIES CLASS
- --------------------------------------------------------------------------------------------------------------------------
Donald W. Glazer Self GMO Tax-Managed Absolute Limited $420,726 4.20%
Return Fund, a private partnership interest
investment company managed -- Class C
by the Manager.1
- --------------------------------------------------------------------------------------------------------------------------
GMO Multi-Strategy Fund Limited $418,351 0.38%
(Onshore), a private partnership interest
investment company managed -- Class A
by the Manager.1
- --------------------------------------------------------------------------------------------------------------------------
GMO Brazil Sustainable Limited $0 1.95%
Forest Fund, LP, a private partnership interest
investment company managed
by Renewable Resources LLC,
an affiliate of the Manager.2
- --------------------------------------------------------------------------------------------------------------------------
GMO Brazil Sustainable Limited $0 2.02%
Forest Fund 2, LP, a private partnership interest
investment company managed
by Renewable Resources LLC,
an affiliate of the Manager.2
- --------------------------------------------------------------------------------------------------------------------------
1 The Manager may be deemed to "control" this fund by virtue of its
serving as investment manager of the fund.
2 The Manager may be deemed to "control" this fund by virtue of its
affiliation with and role as managing member of Renewable Resources
LLC.
C-1
EXHIBIT D -- FEES BILLED BY AUDITORS
------------------------------------
Exhibit D sets forth, for each Fund's two most recent fiscal years, the
fees billed by PricewaterhouseCoopers LLP for (a) all audit and non-audit
services provided directly to the Fund and (b) those non-audit services provided
to the Manager or any entity controlling, controlled by, or under common control
with the Manager that provides ongoing services to the Fund (each, a "Service
Affiliate") that related directly to the operations and financial reporting of
such Fund. These fees are categorized under the following captions:
Audit Fees: Fees related to the audit and review of the financial
statements included in annual reports and registration statements, and other
services that are normally provided in connection with statutory and regulatory
filings or engagements.
Audit-Related Fees: Fees related to assurance and related services that
are reasonably related to the performance of the audit or review of financial
statements, but not reported under "Audit Fees," including accounting
consultations for proposed transactions or concerning financial accounting and
reporting standards and other audit or attest services not required by statute
or regulation.
Tax Fees: Fees associated with tax compliance, tax advice and tax
planning, including services relating to the filing or amendment of federal,
state or local income tax returns, regulated investment company qualification
reviews, and tax distribution and analysis reviews.
All Other Fees: Fees for products and services provided by the Auditor
other than those reported under "Audit Fees," "Audit-Related Fees," and "Tax
Fees."
During the periods indicated in the table below, no services described
under "Audit-Related Fees," "Tax Fees" or "All Other Fees" were approved
pursuant to the de minimis exception set forth in paragraph (c)(7)(i)(C) of Rule
2-01 of Regulation S-X for the Funds or the Funds' Service Affiliates.
Fees billed in each of the last two fiscal years for services rendered
to a Fund by PricewaterhouseCoopers LLP:
AUDIT AUDIT-RELATED TAX
FUND PERIOD FEES FEES FEES
- --------------------------------------------------------------------------------------------------------------------------
GMO Alpha Only Fund February 29, 2004 $ 20,799.14 -- $ 10,815.43
--------------------------------------------------------------------------
February 28, 2003 $ 19,000.00 -- $ 13,134.59
- --------------------------------------------------------------------------------------------------------------------------
GMO Benchmark-Free Allocation Fund February 29, 2004 $ 11,192.88 -- $ 5,464.69
--------------------------------------------------------------------------
February 28, 2003 -- -- --
- --------------------------------------------------------------------------------------------------------------------------
GMO Core Plus Bond Fund February 29, 2004 $ 30,697.51 -- $ 18,602.17
--------------------------------------------------------------------------
February 28, 2003 $ 27,000.00 -- $ 19,892.66
- --------------------------------------------------------------------------------------------------------------------------
GMO Currency Hedged International Bond Fund February 29, 2004 $ 44,124.48 -- $ 17,206.83
--------------------------------------------------------------------------
February 28, 2003 $ 37,000.00 -- $ 16,444.83
- --------------------------------------------------------------------------------------------------------------------------
GMO Currency Hedged International Equity Fund February 29, 2004 $ 27,319.84 -- $ 18,427.00
--------------------------------------------------------------------------
February 28, 2003 $ 24,000.00 -- $ 20,157.59
- --------------------------------------------------------------------------------------------------------------------------
GMO Domestic Bond Fund February 29, 2004 $ 28,639.58 -- $ 10,959.63
--------------------------------------------------------------------------
February 28, 2003 $ 25,500.00 -- $ 9,045.29
- --------------------------------------------------------------------------------------------------------------------------
GMO Emerging Countries Fund February 29, 2004 $ 42,174.43 -- $ 15,175.21
--------------------------------------------------------------------------
February 28, 2003 $ 36,000.00 -- $ 12,366.12
- --------------------------------------------------------------------------------------------------------------------------
GMO Emerging Country Debt Fund February 29, 2004 $ 87,862.04 -- $ 50,415.39
--------------------------------------------------------------------------
February 28, 2003 $ 75,000.00 -- $ 21,290.53
- --------------------------------------------------------------------------------------------------------------------------
D-1
AUDIT AUDIT-RELATED TAX
FUND PERIOD FEES FEES FEES
- --------------------------------------------------------------------------------------------------------------------------
GMO Emerging Country Debt Share Fund February 29, 2004 $ 6,491.95 -- $ 5,383.00
------------------------------------------------------------------------------
February 28, 2003 $ 6,000.00 -- $ 5,227.82
- --------------------------------------------------------------------------------------------------------------------------
GMO Emerging Markets Fund February 29, 2004 $ 95,374.56 -- $ 55,015.90
------------------------------------------------------------------------------
February 28, 2003 $ 75,000.00 -- $ 50,602.85
- --------------------------------------------------------------------------------------------------------------------------
GMO Emerging Markets Quality Fund February 29, 2004 $ 33,254.36 -- $ 13,271.61
------------------------------------------------------------------------------
February 28, 2003 $ 31,000.00 -- $ 12,816.02
- --------------------------------------------------------------------------------------------------------------------------
GMO Foreign Fund February 29, 2004 $ 45,253.71 -- $ 35,280.36
------------------------------------------------------------------------------
February 28, 2003 $ 38,000.00 -- $ 18,996.82
- --------------------------------------------------------------------------------------------------------------------------
GMO Foreign Small Companies Fund February 29, 2004 $ 29,430.03 -- $ 19,476.60
------------------------------------------------------------------------------
February 28, 2003 $ 26,000.00 -- $ 19,830.31
- --------------------------------------------------------------------------------------------------------------------------
GMO Global Balanced Asset Allocation Fund February 29, 2004 $ 11,846.35 -- $ 13,875.62
------------------------------------------------------------------------------
February 28, 2003 $ 14,000.00 -- $ 43,060.23
- --------------------------------------------------------------------------------------------------------------------------
GMO Global Bond Fund February 29, 2004 $ 29,518.88 -- $ 21,609.38
------------------------------------------------------------------------------
February 28, 2003 $ 27,000.00 -- $ 16,325.61
- --------------------------------------------------------------------------------------------------------------------------
GMO Global Growth Fund February 29, 2004 -- -- --
------------------------------------------------------------------------------
February 28, 2003 -- -- --
- --------------------------------------------------------------------------------------------------------------------------
GMO Global (U.S.+) Equity Allocation Fund February 29, 2004 $ 11,170.47 -- $ 7,711.01
------------------------------------------------------------------------------
February 28, 2003 $ 10,500.00 -- $ 6,442.65
- --------------------------------------------------------------------------------------------------------------------------
GMO Growth Fund February 29, 2004 $ 31,013.05 -- $ 13,555.15
------------------------------------------------------------------------------
February 28, 2003 $ 28,000.00 -- $ 9,040.55
- --------------------------------------------------------------------------------------------------------------------------
GMO Inflation Indexed Bond Fund February 29, 2004 $ 20,776.10 -- $ 16,237.94
------------------------------------------------------------------------------
February 28, 2003 $ 19,000.00 -- $ 12,610.75
- --------------------------------------------------------------------------------------------------------------------------
GMO International Bond Fund February 29, 2004 $ 32,754.49 -- $ 17,717.95
------------------------------------------------------------------------------
February 28, 2003 $ 29,000.00 -- $ 16,684.23
- --------------------------------------------------------------------------------------------------------------------------
GMO International Disciplined Equity Fund February 29, 2004 $ 30,271.95 -- $ 13,721.79
------------------------------------------------------------------------------
February 28, 2003 $ 27,000.00 $ 125.00 $ 12,816.02
- --------------------------------------------------------------------------------------------------------------------------
GMO International Equity Allocation Fund February 29, 2004 $ 11,233.56 -- $ 8,031.69
------------------------------------------------------------------------------
February 28, 2003 $ 10,500.00 -- $ 6,442.65
- --------------------------------------------------------------------------------------------------------------------------
GMO International Growth Fund February 29, 2004 $ 30,434.06 -- $ 15,515.30
------------------------------------------------------------------------------
February 28, 2003 $ 27,000.00 $ 125.00 $ 14,369.28
- --------------------------------------------------------------------------------------------------------------------------
GMO International Intrinsic Value Fund February 29, 2004 $ 45,171.52 -- $ 22,142.00
------------------------------------------------------------------------------
February 28, 2003 $ 40,000.00 -- $ 21,372.95
- --------------------------------------------------------------------------------------------------------------------------
GMO International Small Companies Fund February 29, 2004 $ 44,019.51 -- $ 17,477.22
------------------------------------------------------------------------------
February 28, 2003 $ 39,000.00 -- $ 15,639.73
- --------------------------------------------------------------------------------------------------------------------------
GMO Intrinsic Value Fund February 29, 2004 $ 31,548.98 -- $ 9,072.31
------------------------------------------------------------------------------
February 28, 2003 $ 30,000.00 -- $ 8,095.55
- --------------------------------------------------------------------------------------------------------------------------
D-2
AUDIT AUDIT-RELATED TAX
FUND PERIOD FEES FEES FEES
- --------------------------------------------------------------------------------------------------------------------------
GMO Real Estate Fund February 29, 2004 $ 31,161.55 -- $ 10,709.12
----------------------------------------------------------------------------
February 28, 2003 $ 29,000.00 -- $ 9,273.13
- --------------------------------------------------------------------------------------------------------------------------
GMO Short-Duration Collateral Fund February 29, 2004 $ 48,445.27 -- $ 35,914.24
----------------------------------------------------------------------------
February 28, 2003 $ 47,700.20 -- $ 11,958.04
- --------------------------------------------------------------------------------------------------------------------------
GMO Short-Duration Investment Fund February 29, 2004 $ 18,217.77 -- $ 8,499.27
----------------------------------------------------------------------------
February 28, 2003 $ 17,000.00 -- $ 10,393.46
- --------------------------------------------------------------------------------------------------------------------------
GMO Small Cap Growth Fund February 29, 2004 $ 27,327.02 -- $ 9,525.19
----------------------------------------------------------------------------
February 28, 2003 $ 25,000.00 -- $ 9,145.55
- --------------------------------------------------------------------------------------------------------------------------
GMO Small Cap Value Fund February 29, 2004 $ 32,235.53 -- $ 11,044.00
----------------------------------------------------------------------------
February 28, 2003 $ 30,000.00 -- $ 10,720.55
- --------------------------------------------------------------------------------------------------------------------------
GMO Special Purpose Holding Fund February 29, 2004 $ 95,143.01 -- $ 14,093.76
----------------------------------------------------------------------------
February 28, 2003 $ 50,799.80 -- $ 15,093.80
- --------------------------------------------------------------------------------------------------------------------------
GMO Taiwan Fund February 29, 2004 $ 29,597.26 -- $ 10,442.77
----------------------------------------------------------------------------
February 28, 2003 $ 26,000.00 -- $ 5,565.00
- --------------------------------------------------------------------------------------------------------------------------
GMO Tax-Managed International Equities Fund February 29, 2004 $ 30,236.70 -- $ 13,321.08
----------------------------------------------------------------------------
February 28, 2003 $ 27,000.00 -- $ 12,816.02
- --------------------------------------------------------------------------------------------------------------------------
GMO Tax-Managed Small Companies Fund February 29, 2004 $ 26,265.60 -- $ 9,251.22
----------------------------------------------------------------------------
February 28, 2003 $ 25,000.00 -- $ 8,333.63
- --------------------------------------------------------------------------------------------------------------------------
GMO Tax-Managed U.S. Equities Fund February 29, 2004 $ 26,813.37 -- $ 9,120.40
----------------------------------------------------------------------------
February 28, 2003 $ 25,000.00 -- $ 11,331.67
- --------------------------------------------------------------------------------------------------------------------------
GMO Tobacco-Free Core Fund February 29, 2004 $ 27,660.64 -- $ 17,329.44
----------------------------------------------------------------------------
February 28, 2003 $ 26,000.00 -- $ 15,637.12
- --------------------------------------------------------------------------------------------------------------------------
GMO U.S Core Fund February 29, 2004 $ 44,251.87 -- $ 11,136.00
----------------------------------------------------------------------------
February 28, 2003 $ 39,000.00 -- $ 10,814.26
- --------------------------------------------------------------------------------------------------------------------------
GMO U.S. Quality Equity Fund February 29, 2004 $ 22,100.60 -- --
----------------------------------------------------------------------------
February 28, 2003 -- -- --
- --------------------------------------------------------------------------------------------------------------------------
GMO U.S. Sector Fund February 29, 2004 $ 11,070.88 -- $ 9,359.24
----------------------------------------------------------------------------
February 28, 2003 $ 10,500.00 -- $ 8,818.53
- --------------------------------------------------------------------------------------------------------------------------
GMO Value Fund February 29, 2004 $ 31,935.50 -- $ 9,936.09
-----------------------------------------------------------------------------
February 28, 2003 $ 31,000.00 -- $ 9,460.55
- --------------------------------------------------------------------------------------------------------------------------
GMO World Opportunity Overlay Fund February 29, 2004 -- -- --
----------------------------------------------------------------------------
February 28, 2003 -- -- --
- --------------------------------------------------------------------------------------------------------------------------
Totals February 29, 2004 $ 1,334,836.00 -- $ 631,843.00
----------------------------------------------------------------------------
February 28, 2003 $ 1,129,500.00 $ 250.00 $ 552,066.94
- --------------------------------------------------------------------------------------------------------------------------
For each Fund's two most recently completed fiscal years, no fees were
billed by PricewaterhouseCoopers LLP to the Funds that would be disclosed under
the caption "All Other Fees."
D-3
For the fiscal years ended February 28, 2003 and February 29, 2004,
respectively, fees billed by PricewaterhouseCoopers LLP for non-audit services
provided to the Funds' Service Affiliates were $86,950.00 and $115,100.00. These
fees are categorized as "All Other Fees," and were billed to the Funds' Service
Affiliates in connection with engagements that related directly to the
operations and financial reporting of all the Funds that are series of GMO
Trust, as well as other accounts managed by the Manager. None of these fees were
attributable to engagements for services that related directly to a specific
Fund.
For the fiscal years ended February 28, 2003 and February 29, 2004,
respectively, aggregate fees billed by PricewaterhouseCoopers LLP for non-audit
services rendered to the Funds and for non-audit services rendered to the Funds'
Service Affiliates were $639,266.94 and $817,943.00. For the fiscal year ended
February 28, 2003, this amount reflects the aggregate of (x) $552,316.94 in tax
and audit-related fees billed to the Funds, as shown in the above table, plus
(y) $86,950.00 in fees billed to the Funds' Service Affiliates for engagements
that related directly to the operations and financial reporting of the Funds.
For the fiscal year ended February 29, 2004, this amount represents the
aggregate of (x) $631,843.00 in tax fees billed to the Funds, as shown in the
above table, plus (y) $115,100.00 in fees billed to the Funds' Service
Affiliates for engagements that related directly to the operations and financial
reporting of the Funds, plus (z) $71,000.00 in fees billed to the Funds' Service
Affiliates for non-audit services that did not relate directly to the operations
and financial reporting of the Funds. No amounts were attributable to
engagements for services rendered to a specific Fund, other than those shown in
the above table.
D-4
EXHIBIT E -- OFFICER INFORMATION
--------------------------------
The table below lists certain information concerning the Officers of
the Trust. Officers are elected to hold such office until their successor is
elected and qualified to carry out the duties and responsibilities of their
office, or until he or she resigns or is removed from office. The address of
each Officer is c/o GMO Trust, 40 Rowes Wharf, Boston, Massachusetts 02110.
PRINCIPAL
NAME AND POSITION(S) HELD LENGTH OF OCCUPATION(S)
DATE OF BIRTH WITH THE TRUST TIME SERVED DURING PAST 5 YEARS
- --------------------------------------------------------------------------------------------------------------------------
Scott Eston President and Chief President and Chief Chief Financial Officer, Chief
DOB: 01/20/1956 Executive Officer Executive Officer since Operating Officer (2000-present)
October 2002; Vice and Member, Grantham, Mayo,
President from August Van Otterloo & Co. LLC.
1998 - October 2002.
- --------------------------------------------------------------------------------------------------------------------------
Susan Randall Harbert Chief Financial Officer and Chief Financial Officer Member, Grantham, Mayo, Van
DOB: 04/25/1957 Treasurer since February 2000; Otterloo & Co. LLC.
Treasurer since
February 1998.
- --------------------------------------------------------------------------------------------------------------------------
Brent C. Arvidson Assistant Treasurer Since August 1998. Senior Fund Administrator,
DOB: 06/26/1969 Grantham, Mayo, Van Otterloo &
Co. LLC.
- --------------------------------------------------------------------------------------------------------------------------
Sheppard N. Burnett Assistant Treasurer Since September 2004. Fund Administration Staff,
DOB: 10/24/1968 Grantham, Mayo, Van Otterloo &
Co. LLC (June 2004-present);
Vice President, Director of Tax,
Columbia Management Group
(2002-2004) and Senior Tax
Manager (2000-2002) and Tax
Manager (1999-2000),
PricewaterhouseCoopers.
- --------------------------------------------------------------------------------------------------------------------------
Scott D. Hogan Chief Compliance Officer Since October 2004. Legal Counsel, Grantham, Mayo,
DOB: 01/06/1970 Van Otterloo & Co. LLC (2000-
2004) and Senior Legal Product
Specialist, Scudder Kemper
Investments, Inc. (1999-2000).
- --------------------------------------------------------------------------------------------------------------------------
William R. Royer, Esq. Vice President and Clerk Vice President since General Counsel, Anti-Money
DOB: 07/20/1965 February 1997; Clerk Laundering Reporting Officer
since March 2001, May (July 2002-February 2003) and
1999-August 1999. Member, Grantham, Mayo, Van
Otterloo & Co. LLC.
- --------------------------------------------------------------------------------------------------------------------------
Elaine M. Hartnett, Esq. Vice President and Vice President since Associate General Counsel,
DOB: 02/18/1945 Secretary August 1999; Secretary Grantham, Mayo, Van Otterloo &
since March 2001. Co. LLC (June 1999-present).
- --------------------------------------------------------------------------------------------------------------------------
Julie L. Perniola Vice President Vice President, February, Anti-Money Laundering
DOB: 10/07/1970 2003-present; Anti- Reporting Officer (February
Money Laundering 2003-December 2004) and Chief
Compliance Officer, Compliance Officer (April
February 2003-December 1995-present), Grantham, Mayo,
2004. Van Otterloo & Co. LLC.
- --------------------------------------------------------------------------------------------------------------------------
Cheryl Wakeham Vice President and Anti- Since December 2004. Manager, Client Service
DOB: 10/29/1958 Money Laundering Officer Administration, Grantham, Mayo,
Van Otterloo & Co. LLC
(February 1999-present).
- --------------------------------------------------------------------------------------------------------------------------
Mr. Eston, Ms. Harbert, Mr. Arvidson, Mr. Burnett, Ms. Hartnett, and
Ms. Wakeham also serve as directors or officers of one or more subsidiaries or
affiliates of Grantham, Mayo, Van Otterloo & Co. LLC and/or one or more
unregistered investment companies managed by Grantham, Mayo, Van Otterloo & Co.
LLC and its subsidiaries.
E-1
EXHIBIT F -- SHARES OUTSTANDING
-------------------------------
The table below lists the shares outstanding of your Fund as of
February 11, 2005.
SHARE SHARES
FUND NAME CLASS OUTSTANDING
- ------------------------------------------------------------------------------------
GMO Alpha Only Fund Class III 16,661,087.305
- ------------------------------------------------------------------------------------
GMO Benchmark-Free Allocation Fund Class III 40,299,141.240
- ------------------------------------------------------------------------------------
GMO Core Plus Bond Fund Class III 111,695,793.680
----------------------------------
Class M N/A
- ------------------------------------------------------------------------------------
GMO Currency Hedged International Bond Fund Class III 103,997,729.010
----------------------------------
Class M N/A
- ------------------------------------------------------------------------------------
GMO Currency Hedged International Equity Fund Class III 69,355,032.273
----------------------------------
Class M N/A
- ------------------------------------------------------------------------------------
GMO Domestic Bond Fund Class III 74,611,330.242
----------------------------------
Class M N/A
- ------------------------------------------------------------------------------------
GMO Emerging Countries Fund Class III 15,439,675.044
----------------------------------
Class M 4,304,455.407
- ------------------------------------------------------------------------------------
GMO Emerging Country Debt Fund Class III 97,204,842.315
----------------------------------
Class IV 139,739,110.760
----------------------------------
Class M N/A
- ------------------------------------------------------------------------------------
GMO Emerging Country Debt Share Fund Class III 12,303,301.382
----------------------------------
Class M N/A
- ------------------------------------------------------------------------------------
GMO Emerging Markets Fund Class III 232,871,239.270
----------------------------------
Class IV 171,195,821.664
----------------------------------
Class V 2,027,530.987
----------------------------------
Class VI 109,525,887.565
- ------------------------------------------------------------------------------------
GMO Emerging Markets Quality Fund Class III 10,506,129.780
----------------------------------
Class IV 13,363,949.276
- ------------------------------------------------------------------------------------
GMO Foreign Fund Class II 53,314,150.814
----------------------------------
Class III 241,862,888.926
----------------------------------
Class IV 77,037,318.972
----------------------------------
Class M 219,754.857
- ------------------------------------------------------------------------------------
GMO Foreign Small Companies Fund Class III 25,780,012.704
----------------------------------
Class IV 32,974,426.071
- ------------------------------------------------------------------------------------
GMO Global Balanced Asset Allocation Fund Class III 90,845,333.679
- ------------------------------------------------------------------------------------
GMO Global Bond Fund Class III 18,734,809.670
----------------------------------
Class M N/A
- ------------------------------------------------------------------------------------
F-1
SHARE SHARES
FUND NAME CLASS OUTSTANDING
- ------------------------------------------------------------------------------
GMO Global Growth Fund Class III 2,557,079.041
--------------------------------
Class IV N/A
- ------------------------------------------------------------------------------
GMO Global (U.S.+) Equity Allocation Fund Class III 28,866,939.584
- ------------------------------------------------------------------------------
GMO Growth Fund Class III 19,368,887.668
--------------------------------
Class M 14,807,305.770
- ------------------------------------------------------------------------------
GMO Inflation Indexed Bond Fund Class III 61,402,156.756
--------------------------------
Class M N/A
- ------------------------------------------------------------------------------
GMO International Bond Fund Class III 41,813,196.644
--------------------------------
Class M N/A
- ------------------------------------------------------------------------------
GMO International Disciplined Equity Fund Class III 10,435,566.725
--------------------------------
Class IV 8,297,403.488
--------------------------------
Class M N/A
- ------------------------------------------------------------------------------
GMO International Equity Allocation Fund Class III 32,323,302.124
- ------------------------------------------------------------------------------
GMO International Growth Fund Class III 60,135,174.553
--------------------------------
Class M N/A
- ------------------------------------------------------------------------------
GMO International Intrinsic Value Fund Class II 7,504,155.091
--------------------------------
Class III 61,823,472.219
--------------------------------
Class IV 69,877,374.254
--------------------------------
Class V N/A
--------------------------------
Class VI N/A
--------------------------------
Class M 601,354.494
- ------------------------------------------------------------------------------
GMO International Small Companies Fund Class III 86,015,337.007
- ------------------------------------------------------------------------------
GMO Intrinsic Value Fund Class III 9,805,337.494
--------------------------------
Class IV N/A
--------------------------------
Class M N/A
- ------------------------------------------------------------------------------
GMO Real Estate Fund Class III 16,122,174.449
--------------------------------
Class M N/A
- ------------------------------------------------------------------------------
GMO Short-Duration Collateral Fund 136,800,837.531
- ------------------------------------------------------------------------------
GMO Short-Duration Investment Fund Class III 3,271,098.912
--------------------------------
Class M N/A
- ------------------------------------------------------------------------------
GMO Small Cap Growth Fund Class III 1,790,303.222
- ------------------------------------------------------------------------------
GMO Small Cap Value Fund Class III 6,493,857.405
- ------------------------------------------------------------------------------
GMO Special Purpose Holding Fund 554,071.270
- ------------------------------------------------------------------------------
GMO Taiwan Fund 7,846,415.638
- ------------------------------------------------------------------------------
F-2
SHARE SHARES
FUND NAME CLASS OUTSTANDING
- ---------------------------------------------------------------------------------
GMO Tax-Managed International Equities Fund Class III 33,617,588.387
- ---------------------------------------------------------------------------------
GMO Tax-Managed Small Companies Fund Class III 1,599,020.268
- ---------------------------------------------------------------------------------
GMO Tax-Managed U.S. Equities Fund Class III 6,702,626.339
- ---------------------------------------------------------------------------------
GMO Tobacco-Free Core Fund Class III 18,033,011.931
---------------------------------
Class IV 11,588,087.774
---------------------------------
Class M N/A
- ---------------------------------------------------------------------------------
GMO U.S. Core Fund Class II 45,543,284.771
---------------------------------
Class III 122,841,457.743
---------------------------------
Class IV 62,454,463.000
---------------------------------
Class V 0.000
---------------------------------
Class VI 120,728,744.021
---------------------------------
Class M 12,191,887.285
- ---------------------------------------------------------------------------------
GMO U.S. Quality Equity Fund Class III 20,786,241.405
---------------------------------
Class IV 46,074,830.142
- ---------------------------------------------------------------------------------
GMO U.S. Sector Fund Class III 23,632,253.623
- ---------------------------------------------------------------------------------
GMO Value Fund Class III 4,175,128.818
---------------------------------
Class M 1,702,225.126
- ---------------------------------------------------------------------------------
GMO World Opportunity Overlay Fund 22,357,898.074
- ---------------------------------------------------------------------------------
F-3
EXHIBIT G -- BENEFICIAL OWNERSHIP
---------------------------------
The table below sets forth the names, addresses and percentage
ownership of those shareholders known by the Trust to own beneficially 5% or
more of the outstanding shares of a class of a Fund in the Trust as of January
14, 2005.
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- -------------------------------------------------------------------------------------------------------
GMO Alpha Class III Evergreen Asset Allocation Fund GMO Global Balanced Asset
Only Fund 200 Berkeley St Allocation Fund
21st Floor Fund Administration Attn. Laura Whitten
Boston, MA 02116 GMO LLC
(72.4%) 40 Rowes Wharf
Boston, MA 02110
(17.1%)
- -------------------------------------------------------------------------------------------------------
GMO Class III Screen Actors Guild Producers The Ministers and Missionaries
Benchmark-Free Pension Plan Benefit Board of
Allocation Fund Attn. Keith Walker A/R & American Baptist Churches
Finance Manager Attn. Steven Chin Manager/
3601 West Olive Avenue Investment Analyst
Burbank, CA 91505 475 Riverside Drive Suite 1700
(13.7%) New York, NY 10115
(8.5%)
The Northern Trust Company, as Bost & Co A/C WBHF7000702
Trustee FBO Olin Pension Plans FBO WB Hilton Crut
Master Retirement Trust Mutual Funds Operations
Attn. Special Assets P.O. Box 3198
P.O. Box 92956 Pittsburgh, PA 15230-3198
Chicago, IL 60676 (5.6%)
(8.8%)
- -------------------------------------------------------------------------------------------------------
GMO Core Plus Class III Evergreen Asset Allocation Fund Bost & Co. A/C NYXF174740
Bond Fund 200 Berkeley St (Verizon -- Core Plus)
21st Floor Fund Administration Mutual Funds Operations
Boston, MA 02116 P.O. Box 3198
(51.3%) Pittsburgh, PA 15230-3198
(17.0%)
GMO Global Balanced Asset JPMorgan Chase Bank, as Trustee for
Allocation Fund GMAM Group Pension Trust II
Attn. Laura Whitten Nicole Stephenson
GMO LLC JPMorgan Chase
40 Rowes Wharf 3 Chase Metrotech Center, 5th Floor
Boston, MA 02110 Brooklyn, NY 11245
(10.4%) (5.7%)
- -------------------------------------------------------------------------------------------------------
G-1
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ---------------------------------------------------------------------------------------------------------------
GMO Currency Class III GMO Benchmark-Free Evergreen Asset Allocation Fund
Hedged Allocation Fund 200 Berkeley St
International Attn. Julie Coady 21st Floor Fund Administration
Bond Fund c/o GMO Boston, MA 02116
40 Rowes Wharf (26.6%)
Boston, MA 02110
(27.5%)
GMO Global Balanced Asset
Allocation Fund
JPMorgan Chase Bank, Attn. Laura Whitten
as Trustee for GMO LLC
GMAM Group Pension Trust II 40 Rowes Wharf
Nicole Stephenson Boston, MA 02110
JPMorgan Chase (7.2%)
3 Chase Metrotech Center, 5th Floor
Brooklyn, NY 11245 State Street Nominees Limited
(10.0%) AC JFBA
Attn. Eileen Crow
Settlements
525 Ferry Road
Edinburgh, Scotland, EH5 2A W
(5.8%)
- ---------------------------------------------------------------------------------------------------------------
GMO Currency Class III Evergreen Asset Allocation Fund GMO Benchmark-Free Allocation Fund
Hedged International 200 Berkeley St Attn. Julie Coady
Equity Fund 21st Floor Fund Administration c/o GMO
Boston, MA 02116 40 Rowes Wharf
(42.6%) Boston, MA 02110
(14.8%)
JPMorgan Chase Bank, GMO Global Balanced Asset
as Trustee for Allocation Fund
GMAM Group Pension Trust II Attn. Laura Whitten
Nicole Stephenson GMO LLC
JPMorgan Chase 40 Rowes Wharf
3 Chase Metrotech Center, 5th Floor Boston, MA 02110
Brooklyn, NY 11245 (8.1%)
(9.6%)
- ---------------------------------------------------------------------------------------------------------------
GMO Domestic Class III Evergreen Asset Allocation Fund GMO Global Balanced Asset
Bond Fund 200 Berkeley St Allocation Fund
21st Floor Fund Administration Attn. Laura Whitten
Boston, MA 02116 GMO LLC
(71.0%) 40 Rowes Wharf
Boston, MA 02110
(14.0%)
- ---------------------------------------------------------------------------------------------------------------
GMO Emerging Class III National Bank of Canada Trust Company of Illinois
Countries Fund Attn. Louis Vachon Attn. Trust Operations
Senior Vice President 45 S. Park Blvd
1155 Metcalfe, First Floor Suite 300
Montreal Quebec H3B 5G2 Glen Ellyn, IL 60137
(18.7%) (10.8%)
Charles Schwab & Co Inc
FBO 96472125
San Francisco, CA 94104-4122
Attn. Mutual Funds Operations 333/4
101 Montgomery Street
San Francisco, CA 94104
(7.8%)
- ---------------------------------------------------------------------------------------------------------------
G-2
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ------------------------------------------------------------------------------------------------------------------
Class M National Financial Services LLC American Express Trust Co.
For the Exclusive Benefits of Our FBO American Express Trust
Customers -- NT Retirement Services Plans
200 Liberty Street American Express Trust Company
One World Financial 50534 AXP Financial Center
New York, NY 10281 Minneapolis, MN 55474
(71.9%) (24.8%)
- ------------------------------------------------------------------------------------------------------------------
GMO Emerging Class III GMO Emerging Country Boston Safe Deposit & Trust Co
Country Debt Fund Debt Share Fund FBO The Phillips Electronics North
Attn. Rick Okerman America Corp Master Retirement Trust
40 Rowes Wharf Attn. Eric Sassone, Trust Officer
Boston, MA 02110 125 Santilli Highway AIM 026 0036
(11.8%) Everett, MA 02149-1950
(7.4%)
Jayvee & Co Private Syndicate Pty Ltd,
For CIBC Mellon Trust Co Trustee as Trustee of the
of the CN Pension Trust Funds Alternative Investment Private Syndicate
Attn. LP Constantin Attn. Mr. Peter A. Norman
320 Bay Street 6th Floor Level 18 321 Exhibition St
Toronto Ontario Canada M5H 4A6 Melbourne, Victoria 3000, Australia
Attention Pooled Funds (6.2%)
(7.1%)
University of Southern California
Attn. Jeffrey Fischer
840 Childs Way BKS 402
Los Angeles, CA 90089-2541
(5.3%)
----------------------------------------------------------------------------------------------
Class IV State of Wisconsin Investment Board San Francisco City &
(SWIB) Fixed Trust Fund County Retirement System
Attn. Janice Anderson Attn. Ted Wong, Head Accountant
P.O. Box 7842 30 Van Ness Avenue Suite 3000
Madison, WI 53707 San Francisco, CA 94102
(22.3%) (17.3%)
GMAM Group Pension Trust II Pension Reserves Investment Trust
JPMorgan Chase Bank Attn. Stan Mavromates
Donald E. Johnson 84 State Street Suite 250
3 Chase Metrotech Center Boston, MA 02144
5th Floor (15.7%)
Brooklyn, NY 11245
(22.2%) GMO Benchmark-Free Allocation Fund
Attn. Julie Coady
c/o GMO
40 Rowes Wharf
Boston, MA 02110
(6.0%)
- ------------------------------------------------------------------------------------------------------------------
GMO Emerging Class III Sprint Corporate Master Trust Fidelity Investments Institutional
Country 6220 Sprint Parkway Operations Company (FIIOC)
Debt Share Fund Overland Park, KS 66251 As Agent for Certain Employee
(63.4%) Benefit Plans
100 Magellan Way (KW1C)
Covington, KY 41015
(36.6%)
- ------------------------------------------------------------------------------------------------------------------
G-3
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------
GMO Class III Charles Schwab & Co. Inc. Charles Schwab & Co. Inc.
Emerging FBO 51055025 FBO 57615172
Markets Amherst, MA 01002-9506 Indian Wells
Fund Attn. Mutual Funds Operations Attn. Mutual Funds Operations 333/4
333/4 101 Montgomery Street
101 Montgomery Street San Francisco, CA 94104
San Francisco, CA 94104 (11.2%)
(21.0%)
Charles Schwab & Co. Inc.
Charles Schwab & Co. Inc. FBO 30881383
FBO 86957261 Waltham, MA 02453-1480
Cayucos, CA 93430-1620 Attn. Mutual Funds Operations 333/4
Attn. Mutual Funds Operations 101 Montgomery Street
333/4 San Francisco, CA 94104
101 Montgomery Street (6.7%)
San Francisco, CA 94104
(7.7%) Charles Schwab & Co. Inc.
FBO 54301935
Charles Schwab & Co. Inc. Shelburne, VT 05482-6304
FBO 91216370 Attn. Mutual Funds Operations 333/4
Waltham, MA 02453-1480 101 Montgomery Street
Attn. Mutual Funds Operations San Francisco, CA 94104
333/4 (7.0%)
101 Montgomery Street
San Francisco, CA 94104
(6.6%)
Charles Schwab & Co. Inc.
FBO 87135695
Sudbury, MA 01776-1938
Attn. Mutual Funds Operations
333/4
101 Montgomery Street
San Francisco, CA 94104
(5.8%)
-----------------------------------------------------------------------------------
G-4
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- --------------------------------------------------------------------------------------------------
Class IV Mr. Peter Manley Exxon Mobil Master Pension Trust
GMO Emerging Markets Trust Attn. Colin J. Kerwin
Suite 1, Upper Deck, Jones Bay 5959 Las Colinas Boulevard
Wharf Irving, TX 75039
26-32 Pirrama Road (7.7%)
Pyrmont, NSW 2009, Australia
(15.9%) Harris Trust and Savings Bank, as
Agent for Various Trust and
Washington State Investment Board Custody Accounts
Attn. Ms. Nancy Calkins Attn. Mutual Funds Unit -- LLE
PO Box 40916 111 West Monroe Street
2424 Heritage Court SW Chicago, IL 60603
Olympia, WA 98504-0916 (6.5%)
(7.7%)
State Street Bank and Trust
Duke University Long-Term Company, As Trustee of the EDS
(Endowment) Pool -- Emerging Retirement Plan IFC Investable Mandate
c/o Duke Management Company PO Box 1992
2200 W. Main St., Suite 1000 Boston, MA 02105-1992
Durham, NC 27705 (5.8%)
(6.3%)
International Paper Retirement Plans
The William and Flora Hewlett Master Trust
Foundation Attn. Carol Tusch
Attn. Ana Wiechers Marshall 400 Atlantic Street
Director Investment Research & Stamford, CT 06921
Public Investments (5.3%)
2121 Sand Hill Road
Menlo Park, CA 94025 Central States Southeast & Southwest
(5.5%) Areas Pension Fund
Attn. Nancy J. Norton
c/o JP Morgan Investment Mgmt Inc.
522 Fifth Avenue
New York, NY 10036
(5.1%)
-------------------------------------------------------------------------------------------
Class VI Princeton University Trust Leland Stanford Junior
Attn. John D. Sweeney University II-AA
PO Box 35 Stanford Management Company
Princeton, NJ 08544 Eleanor HSU
(22.9%) 2770 Sand Hill Road
Menlo Park, CA 94025
Evergreen Asset Allocation Fund (17.5%)
200 Berkeley St
21st Floor Fund Administration GMO Benchmark-Free Allocation
Boston, MA 02116 Fund
(14.0%) Attn. Julie Coady
c/o GMO
State of Wisconsin Investment Board 40 Rowes Wharf
(SWIB) Fixed Trust Fund Boston, MA 02110
Attn. Janice Anderson (12.5%)
PO Box 7842
Madison, WI 53707
(6.6%)
- --------------------------------------------------------------------------------------------------
G-5
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- -------------------------------------------------------------------------------------------------------
GMO Emerging Class III The Northern Trust Company, The Northern Trust Company,
Markets as Trustee FBO Mayo Foundation as Trustee FBO Mayo Foundation
Quality Fund A/C 26-07634 A/C 26-05192
PO Box 92956 PO Box 92956
Chicago, IL 60675 Chicago, IL 60675
(30.4%) (22.4%)
GMO On Behalf of the Sidney E. Frank 2004 Charitable
Rolls Royce Pension Plan Remainder Annuity Trust
Attn. Jamie McKenna & Laura Whitten 222 Richmond Street
c/o GMO Suite 201
40 Rowes Wharf Providence, RI 02903
Boston, MA 02110 (8.6%)
(17.1%)
Maine State Retirement System
46 State House Station
Augusta, ME 04333
(6.0%)
------------------------------------------------------------------------------------
Class IV Evergreen Asset Allocation Fund
200 Berkeley St
21st Floor Fund Administration
Boston, MA 02116
(100.0%)
- -------------------------------------------------------------------------------------------------------
GMO Foreign Fund Class III Citibank NA, as Trustee of the The J. Paul Getty Trust
Citigroup Pension Plan Attn. James M. Williams
Attn. Ellen L. Veigl Vice President and
850 Third Ave. Chief Investment Officer
12th Floor 1200 Getty Center Drive
New York, NY 10022 Suite 400
(7.0%) Los Angeles, CA 90049
(7.0%)
Hershey Trust Company
Trustee for Milton Hershey School
P.O. Box 445
100 Mansion Road East
Hershey, PA 17033
(5.9%)
------------------------------------------------------------------------------------
Class IV Nebraska Investment Council Gordon E. and Betty I. Moore
Attn. Joseph P. Jurich Foundation Foreign Fund
941 "0" Street Attn. Lynda Sullivan
Suite 500 The Presidio of San Francisco
Lincoln, NE 68508 PO Box 29910
(31.6%) San Francisco, CA 94129-0910
(26.3%)
Princeton University Trust
Attn. John D. Sweeney President and Fellows of
P.O. Box 35 Harvard College
Princeton, NJ 08544 c/o Harvard Management Company
(14.8%) 600 Atlantic Avenue
Boston, MA 02210
Rob D. Nagel (10.7%)
Director of Investments
The Wallace Foundation
Two Park Avenue, 23rd Floor
New York, NY 10016
(10.1%)
- -------------------------------------------------------------------------------------------------------
G-6
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- -------------------------------------------------------------------------------------------------------
Class M Fidelity Investments Institutional National Financial Services LLC
Operations Company (FIIOC) For the Exclusive Benefits of Our
As Agent for Certain Employee Customers -- NT
Benefit Plans 200 Liberty Street
100 Magellan Way (KW1C) One World Financial
Covington, KY 41015 New York, NY 10281
(92.3%) (7.7%)
- -------------------------------------------------------------------------------------------------------
GMO Foreign Class III The University of Chicago San Diego City Employees
Small Companies Attn. Regina Manikowski Retirement System (SDCERS)
Fund 450 N Cityfront Plaza Drive Attn. Ms. Robin Oleksow
Suite 440 401 B Street, Suite 400
Chicago, IL 60611 San Diego, CA 92101-4298
(23.8%) (11.2%)
Partners Healthcare System Inc. Northern Trust Co., as Trustee
Pooled Investment Accounts -- FBO FMC Technologies Inc. Master
Long Term Pool Retirement Trust A/C 22-07411
Attn. William N. Donovan (FDRS)
101 Merrimac Street Attn. Mutual Funds Ops
Treasury -- 4th Floor P.O. Box 92956
Boston, MA 02114 Chicago, IL 60675-2956
(12.7%) (9.4%)
The Glenmede Trust Company, as Baylor University
Trustee of the Pew Memorial Trust Attn. Jonathan Hook
Attn. Ruthanne Carpi Trust Ops Dept 1311 S 5th Street
1650 Market Street P.O. Box 97030
Suite 1200 Waco, TX 76798
Philadelphia, PA 19103 (8.4%)
(8.4%)
Partners Healthcare System Inc,
Citibank NA For the Benefit of the Master Trust for ERISA Assets
FMC Corp Defined Benefit Attn. William N. Donovan
Retirement Trust 101 Merrimac Street
Attn. David Humza Treasury -- 7th Floor
111 Wall Street 14th Floor Zone 14 Boston, MA 02114
New York, NY 10043 (8.3%)
(7.2%)
-------------------------------------------------------------------------------------
Class IV Virginia Retirement System Princeton University Trust
Attn. Peggy Davis Attn. John D. Sweeney
P.O. Box 2500 P.O. Box 35
Richmond, VA 23218-2500 Princeton, NJ 08544
(77.5%) (21.0%)
- -------------------------------------------------------------------------------------------------------
G-7
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO Global Class III State Street Bank & Trust Company, The Ministers and Missionaries
Balanced Asset as Trustee for the Northrop Benefit Board of American
Allocation Fund Grumman Defin Contribution Plans Baptist Churches
Master Trust Attn. Steven Chin
Attn. Mark Hanna Manger Investment Analysis
105 Rosemont Road 475 Riverside Drive Suite 1700
Westwood, MA 02090 New York, NY 10115-0049
(13.0%) (10.4%)
Ohio Tuition Trust Authority OTTA Metropolitan Opera Association Inc.
Attn. Investment Officer Attn. Marvin Suchoff
580 S High Street Lincoln Center
Suite 208 New York, NY 10023
Columbus, OH 43215-5644 (6.0%)
(9.0%)
MAC & Co A/C HMWF1856952
Highmark
Attn. Mutual Funds Operations
P.O. Box 3198
525 William Penn Place
Pittsburgh, PA 15230-3198
(6.3%)
- ----------------------------------------------------------------------------------------------------------------
GMO Global Class III Fresno County Employees' General Retirement System of the
Bond Fund Retirement Association City Detroit
P.O. Box 911 Attn. Joseph Glanton
Fresno, CA 93714-0911 908 Coleman A. Young Municipal Center
(40.2%) Detroit, MI 48226
(35.6%)
The University of North Carolina at Wendel & Co A/C 415307
Chapel Hill Foundation Investment FBO Energen Corp
Fund Inc. c/o The Bank of New York
Global Fixed Income Account Mutual Fund Reorg Dept
Investment Office PO Box 1066
308 West Rosemary St. Suite 203 Wall Street Station
Chapel Hill, NC 27516 New York, NY 10268
(5.8%) (5.9%)
- ----------------------------------------------------------------------------------------------------------------
GMO Global Class III GMO Global Growth
Growth Fund Attn: Peter Manley
Suite 1, Upper Deck,
Jones Bay Wharf
26-32 Pirrama Road
Pyrmont, NSW 2009, Australia
(100.0%)
- ----------------------------------------------------------------------------------------------------------------
GMO Global (U.S.+) Class III SEI Private Trust Company Winchester Medical Center
Equity Allocation c/o Mellon Bank FBO 10114349100 Attn. Craig Lewis
Fund Attn. Mutual Funds Administrator Sr. Vice President
One Freedom Valley Drive 1840 Amherst Street
Oaks, PA 19456 Winchester, VA 22601
(15.8%) (12.7%)
A Rising Tide The Greater The Christy-Houston Foundation Inc.
Kansas City Health Care Foundation Attn. Robert B. Mifflin
DBA Health Care Foundation of 1296 Dow Street
Greater Kansas City Murfreesboro, TN 37130
Chief Executive Officer (6.9%)
2700 East 18th Street Suite 220
Kansas City, MO 64127 Hollins University Corporation
(11.2%) Attn. Patricia W. Hunt
P.O. Box 9658
8036 Quadrangle Lane
Roanoke, VA 24020-1658
(5.6%)
- ----------------------------------------------------------------------------------------------------------------
G-8
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III The Northern Trust Company, Moses H Cone Memorial Hospital
Growth Fund Trustee of the Aerospace Corporation Attn. Elizabeth S Ward
Employees Retirement Plan Trust 1200 North Elm St.
Attn. Mutual Funds Greensboro, NC 27401
PO Box 92956 (11.3%)
Chicago, IL 60675
(13.6%) Andersen 401K Plan
100 Fourth Avenue North
Surdona Foundation Inc. Bayport, MN 55003
Attn. Mark De Vendge (8.8%)
330 Madison Avenue 30th Fl
New York, NY 10017-5001 Lasalle Bank NA Cust.
(9.4%) Provena Health Employee Pension
Plan
Corning Retirement Master Trust A/C 362007551/405784109
Attn. Mr. Robert J. Grassi PO Box 1443
Director Investment Services Chicago, IL 60690-1443
Corning Inc. (7.5%)
One Riverfront Plaza HQ-E2
Corning, NY 14831-0001 Provena Health Operating
(8.7%) Investment Funds
Attn. Patrick Quinn
BNY Western Trust Company, as 9223 West St Francis Road
Custodian for Providence Services Frankfort, IL 60423
Board Designate Funds (5.1%)
Attn. Deborah Saner
Two Union Square Suite 520
Seattle, WA 98101-2321
(7.4%)
------------------------------------------------------------------------------------------------
Class M National Financial Services LLC Northern Trust Co.
For the Exclusive Benefits of Our As Custodian
Customers -- NT FBO Colorado PERA 401K Trust
200 Liberty Street Attn. DV Control
One World Financial P.O. Box 92994
New York, NY 10281 Chicago, IL 60675-2994
(62.3%) (25.5%)
GE Financial Trust Company
FBO GE Private Asset
Management Client
3200 N Central Avenue, 6th Floor
Phoenix, AZ 85012
(12.2%)
- ----------------------------------------------------------------------------------------------------------------
GMO Inflation Class III GMO Benchmark-Free Allocation Evergreen Asset Allocation Fund
Indexed Fund 200 Berkeley St
Bond Fund Attn. Julie Coady 21st Floor Fund Administration
c/o GMO Boston, MA 02116
40 Rowes Wharf (15.6%)
Boston, MA 02110
(31.6%) Northern Trust, as Trustee
FBO Lockheed Martin Corp Master
The Northern Trust Company, Retirement Trust
Trustee of the Aerospace Corporation AC 22-10561
Employees Retirement Plan Trust PO Box 92956
Attn. Mutual Funds Chicago, IL 60675
P.O. Box 92956 (6.5%)
Chicago, IL 60675
(8.8%) Bost & Co. A/C NYXF1776462
(Verizon -- IIX)
Mutual Funds Operations
P.O. Box 3198
Pittsburgh, PA 15230-3198
(5.4%)
- ----------------------------------------------------------------------------------------------------------------
G-9
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO International Class III Bost & Co. A/C NYXF1049812 Evergreen Asset Allocation Fund
Bond Fund (Verizon -- IBF) 200 Berkeley St
Mutual Funds Operations 21st Floor Fund Administration
P.O. Box 3198 Boston, MA 02116
Pittsburgh, PA 15230-3198 (19.2%)
(16.5%)
The University of Chicago
Attn. Regina Manikowski
450 N Cityfront Plaza Drive
Saturn & Co A/C 4600712 Suite 440
c/o IB&T Co Chicago, IL 60611
FBO The John Hancock Financial (7.7%)
Services Inc Pension Plan
c/o Investors Bank and Trust
P.O. Box 9130 FPG90
Boston, MA 02117-9130
(13.4%)
- ----------------------------------------------------------------------------------------------------------------
GMO International Class III MAC & Co. A/C KREF0756022 State Street Bank & Trust Co.
Disciplined Equity Kresge Foundation As Trustee of Invensys Master
Fund Attn. Mutual Funds Ops Retirement Trust
P.O. Box 3198 Attn. Ms. Janet Cottone
Pittsburgh, PA 15230-3198 100 Plaza One
(26.7%) Jersey City, NJ 07311
(23.8%)
Northern Trust Company, as
Custodian FBO Nathan Cummings The George Washington University
Foundation GMO Intl Attn. Donald W. Lindsey
A/C 26-14879 825 21st Street NW
P.O. Box 92956 Washington, DC 20052
Chicago, IL 60675-2956 (8.5%)
(11.6%)
Northern Trust Co., Custodian
MAC & Co. A/C CTBF8669522 FBO The University of New Mexico
Canterbury Trust Endowment Fund 26-27716
Mutual Funds Operations 801 S Canal
P.O. Box 3198 P.O. Box 92956
Pittsburgh, PA 15230-3198 Chicago, IL 60675
(6.5%) (6.4%)
-------------------------------------------------------------------------------------------
Class IV The Paul Hamlyn Foundation Mellon Bank in Trust for Mercer
Attn. JR Sheldon Pension US Core Equity Fund
18 Queen Annes Gate c/o Mercer Investment Consulting Inc.
London SWIH 9AA Attn. Scarlett Ungurean CFA
(57.8%) 200 Clarendon St. 3700
Boston, MA 02116
Maine State Retirement System (5.4%)
46 State House Station
Augusta, ME 04333
(30.4%)
- ----------------------------------------------------------------------------------------------------------------
G-10
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO International Class III Saskatchewan Telecommunications Hartford Hospital
Equity Allocation Pension Plan Attn. John M. Biancamano
Fund Attn. Neil Banick Vice President Finance
6th Floor 80 Seymour St
2121 Saskatchewan Drive P.O. Box 5037
Regina, Saskatchewan S4P 3Y 2 Hartford, CT 06102-5037
(12.4%) (10.8%)
The Hershey Foods Corporation Fleet National Bank
Master Retirement Trust FBO Hartford Hospital
Attn. James G. Nolan Attn. Funds Processing
Assistant Treasurer NYUT37404A
Benefit Plan Asset Management Dept. 604414900
100 Crystal A Drive P.O. Box 92750
Hershey, PA 17033 Rochester, NY 14692-8850
(7.0%) (6.7%)
Wenner-Gren Foundation Regenstrief Foundation, Inc.
Attn. Maugha Kenny Global Equity Fund
470 Park Avenue South 9292 North Meridian Street Suite 202
8th Floor Indianapolis, IN 46260
New York, NY 10016 (5.3%)
(5.5%)
The Eli and Edythe L Broad Foundation
Attn. Peter Adamson
10900 Wilshire Blvd
12th Floor
Los Angeles, CA 90024
(5.0%)
- ----------------------------------------------------------------------------------------------------------------
GMO International Class III Evergreen Asset Allocation Fund GMO International Equity Allocation
Growth Fund 200 Berkeley Street Fund
21st Floor Administration Attn. Laura Whitten
Boston, MA 02116 GMO LLC
(25.8%) 40 Rowes Wharf
Boston, MA 02110
GMO Currency Hedged (12.3%)
International Equity Fund
40 Rowes Wharf GMO Global Balanced Asset
Boston, MA 02110 Allocation Fund
(17.8%) Attn. Laura Whitten
GMO LLC
40 Rowes Wharf
Boston, MA 02210
(5.9%)
- ----------------------------------------------------------------------------------------------------------------
G-11
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO Class II Marshall & Ilsey Trust Co. NA TTEE TEMBEC Inc.
International FBO MCW GMO International Edifice White Oaks
Intrinsic Intrinsic Value Fund Custody Attn. Richard Tremblay
Value Fund Attn. Mutual Fund Operations 10 Chemin Gatineau
1000 N Water Street, 14th Floor CP 5000
Milwaukee, WI 53202 Temiscaming, Quebec, JOZ 3R 0
(14.6%) (12.6%)
Sisters of Mercy of North Carolina Wendel & Co. #199509
Foundation Inc. FBO Jewish Comm FDN San Diego
Attn. Edward J. Schlicksup JR Attn. Linda Russo
2115 Rexford Road Suite 401 Mutual Fund/Reporting Dept.
Charlotte, NC 28211 P.O. Box 1066, Wall Street Station
(8.6%) New York, NY 10268
(6.4%)
Calhoun & Co
c/o Comerica Bank
P.O. Box 75000
M/C 3446
Detroit, MI 48275-3446
(6.3%)
------------------------------------------------------------------------------------------------
Class III State Street Bank & Trust Cust Milwaukee County Employees
Goldman Sachs & Co Retirement System
Profit Sharing Trust Attn. Mr. Steven Vo
State Street Bank & Trust Mellon Trust
One Enterprise Drive 135 Santilli Highway
N. Quincy, MA 02171 Mail Zone 026003
(7.0%) Everett, MA 02149-1906
(6.1%)
Charles Schwab & Co Inc.
Special Custody Account for Park Indemnity Limited
Exclusive Benefit of Customers Craig Appin House
101 Montgomery St Attn. Bill Pare
Attn. Mutual Funds 3rd Floor
San Francisco, CA 94104 8 Wesley Street
(5.8%) Hamilton, HMJX, Bermuda
(5.2%)
- ----------------------------------------------------------------------------------------------------------------
G-12
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
Class IV Evergreen Asset Allocation Fund GMO Currency Hedged International
200 Berkeley St Equity Fund
21st Floor Fund Administration 40 Rowes Wharf
Boston, MA 02116 Boston, MA 02110
(21.2%) (14.7%)
State Street Bank, as Trustee of the GMO International Equity Allocation
EDS Retirement Plan -- SSB PMI Fund
Value Index Mandate Attn. Laura Whitten
State Street Bank & Trust Co GMO LLC
P.O. Box 1992 40 Rowes Wharf
Attn. Laura Mears Boston, MA 02110
Boston, MA 02105-1992 (10.1%)
(12.9%)
Harris Trust and Savings Bank, as
Rolex Holding SA Agent for Various Trust and Custody
Attn. Mr. Gian Heim Accounts
Rue Francois Dussaud 3-7 Attn. Mutual Funds Unit -- LLE
CH-1211 Geneva 24, Switzerland 111 West Monroe Street
(9.2%) Chicago, IL 60603
(7.2%)
President and Fellows of
Harvard College
c/o Harvard Management Company
600 Atlantic Avenue
Boston, MA 02210
(6.9%)
--------------------------------------------------------------------------------------------
Class M American Express Trust Co.
FBO American Express Trust
Retirement Services Plans
American Express Trust Company
50534 AXP Financial Center
Minneapolis, MN 55474
(100.0%)
- ----------------------------------------------------------------------------------------------------------------
GMO International Class III Princeton University Trust GMO Benchmark-Free Allocation Fund
Small Companies Attn. John D. Sweeney Attn. Julie Coady
Fund PO Box 35 c/o GMO
Princeton, NJ 08544 40 Rowes Wharf
(11.2%) Boston, MA 02110
(6.6%)
Evergreen Asset Allocation Fund
200 Berkeley St The Annie E. Casey Foundation
21st Floor Fund Administration Julie Knauer
Boston, MA 02116 Financial Analyst
(6.8%) 701 St Paul St
Baltimore, MD 21202
Cogent Nominees Pty Limited Act (6.6%)
New Zealand Superannuation Fund
Attn. Guy Hopkins and Cleyde Hazell
Level 8
60 Castlereach St
Sydney, NSW, 2204
(7.0%)
- ----------------------------------------------------------------------------------------------------------------
G-13
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III Corning Retirement Master Trust State Street Bank & Trust Co Cust
Intrinsic Attn. Mr. Robert J Grassi Mainegeneral Health Endowment
Value Fund Director Investment Services Attn. Mr. Nick Katsikis
Corning Inc. Specialized Trust Services
One Riverfront Plaza HQ-E2 200 Newport Avenue JQB7
Corning, NY 14831-0001 North Quincy, MA 02171
(29.3%) (18.0%)
Princeton University Trust State Street Bank & Trust Co TR
Attn. John D. Sweeney Mainegeneral Health System Pension
P.O. Box 35 Plan
Princeton, NJ 08544 Attn. Mr. Nick Katsikis
(17.3%) Specialized Trust Services
200 Newport Avenue JQB7
Jupiter & Co. North Quincy, MA 02171
FBO New Balance Foundation (12.1%)
TIN 046222220
Attn. Jupiter & Co. C/O MFG Associate Alumnae of Douglas
P.O. Box 9130 FPG90 College
Boston, MA 02117-9130 Attn. Rachel Ingber
(13.2%) Executive Director
181 Ruders Lane
New Brunswick, NJ 08901-8557
(6.2%)
- ----------------------------------------------------------------------------------------------------------------
Class M American Express Trust Co.
FBO American Express Trust
Retirement Services Plans
American Express Trust Company
50534 AXP Financial Center
Minneapolis, MN 55474
(100.0%)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III Evergreen Asset Allocation Fund GMO Global Balanced Asset
Real Estate Fund 200 Berkeley St Allocation Fund
21st Floor Fund Administration Attn. Laura Whitten
Boston, MA 02116 GMO LLC
(41.8%) 40 Rowes Wharf
Boston, MA 02110
MAC & Co 10000643000 (9.8%)
FBO Princeton
P.O. Box 534005
Pittsburgh, PA 15253-4005
(8.0%)
- ----------------------------------------------------------------------------------------------------------------
G-14
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO Short Class III GMO Currency Hedged International The Chase Manhattan Bank, as
Duration Bond Fund Directed Trustee for the IBM
Collateral Fund c/o GMO Personal Pension Plan Trust
40 Rowes Wharf 1133 Westchester
Boston, MA 02110 White Plains, NY 106043505
(21.5%) (6.1%)
GMO Core Plus Bond Fund JP Morgan Chase Bank,
c/o GMO as Trustee of the General Motors
40 Rowes Wharf Employees Global Group
Boston, MA 02110 Pension Trust
(22.2%) Attn. Mr. Donal Johnson
4 Chase Metrotech Center
GMO Domestic Bond Fund Brooklyn, NY 11245
c/o GMO (5.3%)
40 Rowes Wharf
Boston, MA 02110 GMO International Bond Fund
(20.5%) c/o GMO
40 Rowes Wharf
VERIB NYXF 1776322 Boston, MA 02110
Attn. Mutual Fund Operations (8.8%)
P.O. Box 3198
Pittsburgh, PA 152303198
(6.4%)
- ----------------------------------------------------------------------------------------------------------------
GMO Short- Class III Comprehensive Care Management Comprehensive Care Management
Duration Risk Reserve Corporation -- Unrestricted
Investment Fund Attn. Richard Rosen Attn. Richard Rosen
2401 White Plains Road 2401 White Plains Road
Bronx, NY 10467 Bronx, NY 10467
(17.7%) (19.1%)
Beth Abraham Health Services GMO Global Balanced Asset
Third Party Liability Allocation Fund
Attn. Ira Green Attn. Laura Whitten
c/o Stephen Mann GMO LLC
612 Allerton Avenue 40 Rowes Wharf
Bronx, NY 10467 Boston, MA 02110
(8.5%) (10.7%)
Beth Abraham Health Services Bethco Corporation Synagogue
Funded Depreciation Building Fund
Attn. Ira Green Attn. Ira Green
c/o Stephen Mann c/o Stephen Mann
612 Allerton Avenue 612 Allerton Avenue
Bronx, NY 10467 Bronx, NY 10467
(5.9%) (6.3%)
- ----------------------------------------------------------------------------------------------------------------
G-15
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III Bost & Co A/C WFHF6202002 MAC & Co. AC CTBF8669522
Small Cap Growth FBO The Hewlett Foundation Canterbury Trust
Fund Attn. Mutual Funds Operations Mutual Funds Operations
P.O. Box 3198 P.O. Box 3198
Pittsburgh, PA 15230-3198 Pittsburgh, PA 15230-3198
(18.0%) (15.6%)
Municipal Fire & Police Retirement GMO U.S. Sector Fund
System of Iowa Attn. Laura Whitten
Attn. Dennis Jacobs GMO LLC
2836 104th Street 40 Rowes Wharf
Des Moines, IA 50322 Boston, MA 02110
(14.2%) (13.0%)
World Wildlife Fund
Attn. Mr. David Rada
Financial Officer
1250 24th Street NW, Suite 500
Washington, DC 20037-1175
(6.4%)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III Maine State Retirement System Yale University Retiree Health Benefit
Small Cap Value 46 State House Station Coverage Trust
Fund Augusta, ME 04333 55 Whitney Avenue
(15.4%) New Haven, CT 06511
(13.8%)
Bost & Co A/C WFHF6202002
FBO The Hewlett Foundation State Street Bank & Trust Co Cust.
Attn. Mutual Funds Operations Mainegeneral Health Endowment
PO Box 3198 Attn. Mr. Nick Katsikis
Pittsburgh, PA 15230-3198 Specialized Trust Services
(13.9%) 200 Newport Avenue JQB7
North Quincy, MA 02171
GMO U.S. Sector Fund (7.3%)
Attn. Laura Whitten
GMO LLC Municipal Fire & Police Retirement
40 Rowes Wharf System of Iowa
Boston, MA 02110 Attn. Dennis Jacobs
(7.8%) 2836 104th Street
Des Moines, IA 50322
(7.2%)
- ----------------------------------------------------------------------------------------------------------------
G-16
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- --------------- ----------- ----------------------------------------------------------------------------
GMO Special Verib NYXF1776322 GMO Core Plus Bond Fund
Purpose Attn. Mutual Funds Operations c/o GMO
Holding P.O. Box 3198 40 Rowes Wharf
Fund Pittsburgh, PA 15230-3198 Boston, MA 02110
(29.1%) (16.9%)
The Chase Manhattan Bank, as JPMorgan Chase Bank, as Trustee of
Directed Trustee for the IBM the General Motors Employees
Personal Pension Plan Trust Global Group Pension Trust
1133 Westchester Attn. Mr. Donald Johnson
White Plains, NY 10604-3505 4 Chase Metrotech Center
(15.7%) Brooklyn, NY 11245
(8.9%)
GMO Global Bond Fund
c/o GMO GMO International Bond Fund
40 Rowes Wharf c/o GMO
Boston, MA 02110 40 Rowes Wharf
(8.3%) Boston, MA 02110
(6.8%)
GMO Inflation Indexed Bond Fund
c/o GMO
40 Rowes Wharf
Boston, MA 02110
(5.2%)
- ----------------------------------------------------------------------------------------------------------------
GMO Taiwan Class III Pension Reserves Investment Trust Universal Investment Gesellshaft
Fund Stanley P Mavromates MBH c/o Bumai
Jr Deputy CIO Bockenheimer Landstrasse 98-100
84 State Street, Suite 250 Frankfurt, Germany 60323
Boston, MA 02109 (7.6%)
(68.7%)
State of Connecticut Retirement
Plans and Trust Funds
55 Elm Street
Hartford, CT 06106-1773
(22.2%)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III The Northern Trust TR The Northern Trust Company as
Tax-Managed MARS Benefit Trust Cust. FBO The Cheyne Walk Trust
International P.O. Box 92956 A/C 26-05508
Equities Fund Chicago, IL 60675 Attn. Mutual Funds
(13.7%) P.O. Box 92956
Chicago, IL 60675
Hugheson Limited (14.8%)
Attn. Charlotte Fenn
P.O. Box 705 GT Northern Trust Co Custodian FBO
Grand Cayman, Cayman Islands Offield Investment LLC A/C 26-
(10.0%) 26989
Attn. Special Assets
P.O. Box 92956
Chicago, IL 60675
(7.0%)
- ----------------------------------------------------------------------------------------------------------------
G-17
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III Blush & Co. Option C S. Parker Gilbert & Robert M.
Tax-Managed Attn. Kelly McKenna Pannoyer Trust U/ART 11 (G)
Small Companies P.O. Box 976 FBO George W. Merck
Fund New York, NY 10268 Attn. Janet Blakeman
(19.3%) Patterson Belknap Webb & Tyler
1133 Avenue of the Americas
Richard Geary New York, NY 10036
1211 SW 5th Ave. (16.0%)
Suite 2980
Portland, OR 97204 Strafe & Co.
(14.0%) FBO John Stoll Residuary TUW A/C
3401079207
Judith M Buechner P.O. Box 160
3572 State Route 315 Westerville, OH 43086-0160
Pawlet, VT 05761 (13.0%)
(9.2%)
Drake & Co. LLC.
Thomas Rutherford Inc FBO Josephine A. Merck A/C
Attn. Bradford R. Buie 358108
One South Jefferson St. (24011) Attn. Mutual Fund Department
PO Box 12748 c/o Citibank NA
Roanke, VA 24028 333 W 34th Street, 7th Floor
(6.0%) New York, NY 10001
(6.0%)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III Northern Trust Co. Custodian SEI Private Trust 10000642000
Tax-Managed FBO Sev c/o Mellon Bank FBO Princeton
U.S. Equities Fund Edgar M. Bronfman SR One Freedom Valley Drive
A/C#26-13257 Oaks, PA 19456
P.O. Box 92956 (16.7%)
Chicago, IL 60675
(42.3%) Alexander Family Trust
c/o Groves-Alexander
Richard B. Cheney & Lynne V. 700 N. St. Mary's Street
Cheney #1200
Trustees for the Cheney Living Trust San Antonio, TX 78205
Dated 05/03/93 (12.1%)
Attn. Debbie Heiden
One Observatory Circle NW
Washington, DC 20008
(5.3%)
- ----------------------------------------------------------------------------------------------------------------
GMO Class III Tufts Associated Health Maintenance The Boston Foundation Inc.
Tobacco-Free Organization Inc. 75 Arlington St. 10th Floor
Core Fund Attn. J. Andy Hilbert Boston, MA 02116
333 Wyman Street (13.4%)
Waltham, MA 02254
(21.4%) Union Bank Trust Nominee
FBO City of Hope -- Omnibus
The Flinn Foundation P.O. Box 85484
Attn. Don Snider San Diego, CA 92186
1802 North Central Avenue (11.7%)
Phoenix, AZ 85004-1506
(11.6%) Council for World Mission
Attn. Ms. Laiming Wyers
Hollow Beam & Co Ipalo House 32-34 Great Peter St
FBO Maine Health London, SWIP 2DB, UK
Access Foundation (7.6%)
200 Newport Ave. 7th Floor
N Quincy, MA 02171 State Street, as Custodian for
(7.9%) Catholic Medical Pension Plan
200 Newport Ave. JQB75
N Quincy, MA 02171
(7.2%)
- ----------------------------------------------------------------------------------------------------------------
G-18
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
Class IV Memorial Sloan-Kettering
Cancer Center
1275 York Avenue
New York, NY 10021
(100.0%)
- ----------------------------------------------------------------------------------------------------------------
GMO U.S. Class III GMO U.S. Sector Fund
Core Fund Attn. Laura Whitten
GMO LLC
40 Rowes Wharf
Boston, MA 02110
(6.7%)
----------------------------------------------------------------------------------------------------
Class IV Northern Trust Company, Bost & Co A/C WFHF6202002
as Trustee FBO Employee FBO The Hewlett Foundation
Retirement Plan of Safeway In Attn. Mutual Funds Operations
and its Domestic Subsidiaries P.O. Box 3198
A/C 22-09415 Pittsburgh, PA 152303198
P.O. Box 92956 (11.6%)
Chicago, IL 60675
(18.1%) Maine State Retirement System
46 State House Station
Gordon E. and Betty I. Moore Augusta, ME 04333
Foundation Core Fund (10.5%)
Attn. Lynda Sullivan
The Presidio of San Francisco MAC & Co. A/C VCBF 1855782
P.O. Box 29910 Attn. Mutual Fund Operations
San Francisco, CA 941290910 P.O. Box 3198
(16.1%) Pittsburgh, PA 152303198
(8.8%)
University of Rochester
Attn. Joyce A Johnson Rob D. Nagel
Wallis Hall Suite 263 Director of Investments
River Campus Box 270012 The Wallace Foundation
Rochester, NY 146270012 Two Park Avenue 23rd Floor
(14.1%) New York, NY 10016
(5.5%)
- ----------------------------------------------------------------------------------------------------------------
Class V NRECA
Attn. Patricia A. Murphy
Investment Division
4301 Wilson Boulevard
RS18-305
Arlington, VA 222031860
(100.0%)
----------------------------------------------------------------------------------------------------
Class VI Evergreen Asset Allocation Fund GMO Global Balanced Asset
200 Berkeley St Allocation Fund
21st Floor Fund Administration Attn. Laura Whitten
Boston, MA 02116 GMO LLC
(73.3%) 40 Rowes Wharf
Boston, MA 02110
GMO Global (U.S.+) Equity (15.8%)
Allocation Fund
Attn. Laura Whitten
GMO LLC
40 Rowes Wharf
Boston, MA 02110
(10.9%)
- ----------------------------------------------------------------------------------------------------------------
G-19
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
- ----------------------------------------------------------------------------------------------------------------
Class M National Financial Services LLC Fidelity Investments Institutional
For the Exclusive Benefits of Our Operations Company (FIIOC), as
Customers -- NT Agent For Certain Employee
200 Liberty Street Benefit Plans
One World Financial 100 Magellan Way (KW1C)
New York, NY 10281 Covington, KY 41015
(67.2%) (32.8%)
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GMO Class III Carnegie Corporation of New York GMO U.S. Sector Fund
U.S. Quality Attn. Li Tan Attn. Laura Whitten
Equity 437 Madison Ave GMO LLC
Fund New York, NY 10022 40 Rowes Wharf
(16.3%) Boston, MA 02110
(6.3%)
Harris Trust and Savings Bank, as
Agent for various Trust and MAC & CO A/C LSXF1108002
Custody Accounts Stanford University
Attn. Mutual Funds Unit LLE Mutual Funds Operations
111 West Monroe Street P.O. Box 3198
Chicago, IL 60603 525 William Penn Place
(8.6%) Pittsburgh, PA 15230-3198
(5.3%)
Brown Brothers Harriman & Co.
Custody FBO GMO Global Hedged
Equity Fund
Attn. Global Settlement --
Harold Robinson
40 Water Street
Boston, MA 02109
(5.9%)
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Class IV Evergreen Asset Allocation Fund Gordon E. and Betty I. Moore
200 Berkeley Street Foundation Core Fund
21st Floor Administration Attn. Lynda Sullivan
Boston, MA 02116 The Presidio of San Francisco
(41.4%) PO Box 29910
San Francisco, CA 94129-0910
Bost & Co A/C NYXF1776722 (12.0%)
(Verizon Quality)
Mutual Fund Operations GMO Global Balanced Asset
P.O. Box 3198 Allocation Fund
Pittsburgh, PA 15230-3198 Attn. Laura Whitten
(9.0%) GMO LLC
40 Rowes Wharf
Northern Trust Company, as Trustee Boston, MA 02110
FBO Mayo Foundation (Pension) (9.0%)
AC# 22-06943
Attn. Mr. Harry Hoffman Partners Healthcare System Inc.
P.O. Box 92956 Pooled Investment Accounts -- Long
Chicago, IL 60675 Term Pool
(6.5%) Attn. William N. Donovan
101 Merrimac Street
Treasury -- 4th Floor
Boston, MA 02114
(5.9%)
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G-20
NAME & ADDRESS
FUND CLASS (% OWNERSHIP)
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GMO U.S. Class III Wells Fargo Bank NA The Board of Trustees of the
Sector Fund FBO Minneapolis Police Relief University of Illinois
13540517 Attn. Janet M. Ford
P.O. Box 1533 247 Henry Administrative Building
Minneapolis, MN 55480 506 South Wright St
(18.2%) Urbana, IL 61801-3620
(17.5%)
The Employees Cash Balance
Retirement Plan of the Turner Corp. Patterson & Co.
Attn. Lori V. Willox FBO Pension Plan Employees of
901 Main Street Suite 4900 Tietex 1040006367
Dallas, TX 75202 Attn. April Withers
(12.2%) 1525 West WT Harris Boulevard
NC-1151
Lacross and Co. Nominee for North Charlotte, NC 28288-1151
Center Trust Co. (6.0%)
FBO Reinhart Companies P/S PL
Attn. Betty Smith Cement Masons and Plasterers Joint
230 Front Street North Pension Trust
P.O. Box 489 Attn. Bonnie Payson
Lacrosse, WI 54602-0489 101 Convention Center Drive
(5.3%) Suite 600
Las Vegas, NV 89109
Northern Trust CO, Trustee (5.9%)
FBO ABA Pension A/C 2218525
Attn. Mutual Funds / Special Assets
801 South Canal
Chicago, IL 60675
(9.4%)
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GMO Class III Nabank & Co Worcester Academy
Value Fund Attn. Recon Trust Securities Attn. William Toomey
P.O. Box 2180 81 Providence St.
Tulsa, OK 74101-2180 Worcester, MA 01604
(44.2%) (14.8%)
Conrad N. Hilton Foundation The Rockefeller Family Fund
100 West Liberty St. Suite 840 Attn. Ms. Maureen McCarthy
Reno, NV 89501 437 Madison Avenue
(8.1%) 37th Floor
New York, NY 10022-7001
Appalachian Mountain Club (7.0%)
Attn. Mr. Henry Isaacson
5 Joy St.
Boston, MA 02108
(6.6%)
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Class M American Express Trust Co.
FBO American Express Trust
Retirement Services Plans
American Express Trust Company
50534 AXP Financial Center
Minneapolis, MN 55474
(100.0%)
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GMO World Class III GMO Core Plus Bond Fund GMO International Bond Fund
Opportunity c/o GMO c/o GMO
Overlay Fund 40 Rowes Wharf 40 Rowes Wharf
Boston, MA 02110 Boston, MA 02110
(39.4%) (16.8%)
GMO Currency Hedged GMO Global Bond Fund
International Bond Fund c/o GMO c/o GMO
40 Rowes Wharf 40 Rowes Wharf
Boston, MA 02110 Boston, MA 02110
(35.0%) (6.2%)
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G-21
PROXY TABULATOR
P.O. BOX 9132
HINGHAM, MA 02043-9132
PLEASE RECORD YOUR VOTING INSTRUCTIONS ON THIS CARD, SIGN IT BELOW,
AND RETURN IT PROMPTLY IN THE ENVELOPE PROVIDED.
YOUR VOTE IS IMPORTANT.
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF GMO TRUST.
Proxy for a meeting of shareholders to be held on March 23, 2005
FUND NAME PRINTS HERE
The undersigned, revoking all Proxies heretofore given, hereby appoints Scott
Eston, Susan Randall Harbert and Elaine M. Hartnett, and each of them
separately, as Proxies of the undersigned, with full power of substitution, and
hereby authorizes each of them to vote on behalf of the undersigned all shares
of the above-referenced Fund that the undersigned is entitled to vote at the
Special Meeting of Shareholders of the Fund to be held at 9:00 a.m., Boston
Time, on March 23, 2005 at the offices of Grantham, Mayo, Van Otterloo & Co.
LLC, 40 Rowes Wharf, Boston, MA 02110 and at any adjournments thereof, as fully
as the undersigned would be entitled to vote if personally present. THIS PROXY
WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE
UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR
ALL PROPOSALS. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH
OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. This proxy may be revoked
at any time prior to the exercise of the powers conferred thereby.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
DATE _________________________
__________________________________________________________
SIGNATURE(S) AND TITLE(S), IF APPLICABLE (SIGN IN THE BOX)
Please sign your name exactly as it appears on this card.
If you are a joint owner, any one of you may sign. When
signing as executor, administrator, attorney, trustee, or
guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation,
please sign the full corporate name and indicate the
signer's office. If you are a partner, sign in the
partnership name.
GMO MK
PLEASE FILL IN A BOX AS SHOWN USING BLACK OR BLUE INK OR NUMBER 2 PENCIL. [X]
PLEASE DO NOT USE FINE POINT PENS.
DEAR SHAREHOLDER:
YOUR VOTE IS IMPORTANT. PLEASE HELP US TO ELIMINATE THE EXPENSE OF FOLLOW-UP
MAILINGS BY SIGNING AND RETURNING THIS PROXY CARD. A POSTAGE-PAID ENVELOPE IS
ENCLOSED FOR YOUR CONVENIENCE.
FOR ALL WITHHOLD
1. To elect a Board of Trustees. (For all shareholders) NOMINEES LISTED AUTHORITY
NOMINEES: (1) Donald W. Glazer; (2) Jay O. Light; (3) W. Nicholas Thorndike. (EXCEPT AS TO VOTE
MARKED TO FOR ALL
THE CONTRARY NOMINEES
INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, WRITE THE AT LEFT)
NOMINEE'S NAME IN THE SPACE PROVIDED BELOW:
[ ] [ ]
- --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN
2A. To approve revisions to the Fund's fundamental investment restriction with
respect to concentration in any one industry. (For shareholders of GMO Real
Estate Fund and GMO Short-Duration Investment Fund only) [ ] [ ] [ ]
2B. To approve the elimination of the Fund's fundamental investment restriction
with respect to investments in certain related issuers. (For shareholders of
GMO Alpha Only Fund, GMO Core Plus Bond Fund, GMO Currency Hedged
International Bond Fund, GMO Currency Hedged International Equity Fund, GMO
Domestic Bond Fund, GMO Emerging Countries Fund, GMO Emerging Country Debt
Fund, GMO Emerging Country Debt Share Fund, GMO Emerging Markets Fund, GMO
Emerging Markets Quality Fund, GMO Foreign Fund, GMO Global Balanced Asset
Allocation Fund, GMO Global Bond Fund, GMO Global (U.S.+) Equity Allocation
Fund, GMO Growth Fund, GMO Inflation Indexed Bond Fund, GMO International
Bond Fund, GMO International Equity Allocation Fund, GMO International
Intrinsic Value Fund, GMO International Small Companies Fund, GMO Real
Estate Fund, GMO Short-Duration Investment Fund, GMO Small Cap Growth Fund,
GMO Small Cap Value Fund, GMO Tobacco-Free Core Fund, GMO U.S. Core Fund,
GMO U.S. Sector Fund and GMO Value Fund only) [ ] [ ] [ ]
2C. To approve revisions to the Fund's fundamental investment restriction with
respect to investments in commodities. (For shareholders of GMO
Benchmark-Free Allocation Fund, GMO Global Balanced Asset Allocation Fund,
GMO Global (U.S.+) Equity Allocation Fund, GMO International Equity
Allocation Fund and GMO U.S. Sector Fund only) [ ] [ ] [ ]
PLEASE SIGN AND DATE ON THE REVERSE SIDE. GMO MK