EX-99

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of GMO Trust:

In planning and performing our audits of the financial statements of GMO Tobacco-Free Core Fund, GMO Global Growth Fund, GMO Taiwan Fund, GMO Tax-Managed International Equities Fund, GMO Inflation Indexed Plus Bond Fund, GMO Currency Hedged International Bond Fund, GMO Domestic Bond Fund, GMO Tax-Managed U.S. Equities Fund, GMO Short-Duration Investment Fund, GMO U.S. Quality Equity Fund, GMO Foreign Fund, GMO International Small Companies Fund, GMO Foreign Small Companies Fund, GMO World Opportunity Overlay Fund, GMO U.S. Equity Allocation Fund, GMO Core Plus Bond Fund, GMO Global Bond Fund, GMO Short-Duration Collateral Fund, GMO Short-Duration Collateral Share Fund, GMO Emerging Markets Opportunities Fund (formerly GMO Emerging Markets Quality Fund), GMO Alpha Only Fund, GMO Emerging Country Debt Fund, GMO Developed World Stock Fund, GMO Emerging Countries Fund, GMO Strategic Opportunities Allocation Fund, GMO Special Purpose Holding Fund, GMO Alternative Asset Opportunity Fund, GMO Global Balanced Asset Allocation Fund, GMO International Intrinsic Value Fund, GMO Real Estate Fund, GMO International Bond Fund, GMO Global (U.S.+) Equity Allocation Fund, GMO World Opportunities Equity Allocation Fund, GMO Benchmark-Free Allocation Fund, GMO International Equity Allocation Fund, GMO Currency Hedged International Equity Fund, GMO International Opportunities Equity Allocation Fund, GMO Strategic Fixed Income Fund, GMO Emerging Markets Fund, GMO International Core Equity Fund, GMO International Growth Equity Fund, GMO U.S. Core Equity Fund, GMO U.S. Growth Fund, GMO U.S. Intrinsic Value Fund, GMO U.S. Small/Mid Cap Growth Fund, GMO U.S. Small/Mid Cap Value Fund, and GMO Special Situations Fund (each a series of GMO Trust, hereafter referred to as the "Trust") as of and for the year ended February 29, 2008, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trust’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Trust's internal control over financial reporting.

The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Trust's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Trust’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust’s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 29, 2008.

This report is intended solely for the information and use of management and the Trustees of GMO Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

April 29, 2008

EX-99

GMO TRUST

Amended and Restated Supplement dated March 17, 2008 to

GMO Trust Prospectus dated June 30, 2007

and

GMO Trust Statement of Additional Information dated June 30, 2007

GMO Global (U.S.+) Equity Allocation Fund

Effective June 1, 2008, the section captioned “Benchmark” on page 80 of the Prospectus is replaced with the following paragraph:

The Fund’s benchmark is the MSCI ACWI (All Country World Index), a global developed and emerging markets equity index that is independently maintained and published by Morgan Stanley Capital International. On an annualized basis, the Fund seeks to outperform its benchmark by 2.5%-3.5%, net of fees, over a complete market cycle, with lower volatility than that of its benchmark.

It is expected that, with the changed benchmark, the Fund will tend to have a larger allocation to non-U.S. equities (with a corresponding decrease in the Fund’s allocation to U.S. equities).

In conjunction with the Fund’s benchmark change, the Board of Trustees of GMO Trust has approved changing the Fund’s name to “GMO Global Equity Allocation Fund.” The name change will be effective June 1, 2008.

GMO Asset Allocation Investment Division

The section of the table on page 103 of the Prospectus that identifies the senior member(s) of GMO’s Investment Divisions relating to the Asset Allocation Investment Division is amended and restated as follows:

Asset Allocation Funds and Currency Hedged International Equity Fund Ben Inker (since 1996) Director, Asset Allocation Division, GMO. Mr. Inker has been responsible for overseeing the portfolio management of GMO’s asset allocation portfolios since 1996.

GMO Global Growth Fund

The sections captioned “Fees and expenses” and “Example” on page 31 of the Prospectus are replaced with the following:

Fees and expenses

The tables below show the expected cost of investing in the Fund.

Shareholder fees (fees paid directly from your investment)		Class III
	Purchase premium (as a percentage of amount invested)		0.25%1
	Redemption fee (as a percentage of amount redeemed)		0.25%1

Annual Fund operating expenses (expenses that are paid from Fund assets as a percentage of average daily net assets)	Class III
Management fee	0.47%
Shareholder service fee	0.15%
Other expenses	1.47%2
Total annual operating expenses	2.09%
Expense reimbursement	1.47%3
Net annual expenses	0.62%

1An additional purchase premium and redemption fee of 0.005% is charged for any purchases/redemptions (or any portion of a purchase/redemption) effected in a currency other than the U.S. dollar. See “Purchase Premiums and Redemption Fees” for a more detailed discussion of the Fund’s purchase premium and redemption fee, including the circumstances under which the Manager may waive all or a portion of the purchase premium or redemption fee.

2“Other expenses” have been restated to reflect current fees and do not include expenses associated with investments in the securities of unaffiliated issuers unless such issuers hold themselves out to be investment companies.

3  The Manager has contractually agreed to reimburse the Fund for expenses incurred by the Fund through at least June 30, 2008 to the extent the Fund’s total annual operating expenses (excluding shareholder service fees, investment-related costs, and other expenses described on page 104 of this Prospectus) exceed 0.47% of the Fund’s average daily net assets.

Example

This example helps you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same as those shown in the table, and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

	If you sell your shares				If you do not sell your shares
	1 Year*	3 Years	5 Years	10 Years	1 Year*	3 Years	5 Years	10 Years
Class III	$114	$564	$1,040	$2,357	$88	$536	$1,011	$2,323

* After reimbursement

GMO Developed World Stock Fund

The sections captioned “Fees and expenses” and “Example” on page 33 of the Prospectus are replaced with the following:

Fees and expenses

The tables below show the expected cost of investing in the Fund.

Shareholder fees (fees paid directly from your investment)	Class III	Class IV
Purchase premium (as a percentage of amount invested)	0.25%1	0.25%1
Redemption fee (as a percentage of amount redeemed)	0.25%1	0.25%1

Annual Fund operating expenses (expenses that are paid from Fund assets as a percentage of average daily net assets)	Class III	Class IV
Management fee	0.47%	0.47%
Shareholder service fee	0.15%	0.10%
Other expenses	0.12%2	0.12%2
Total annual operating expenses	0.74%	0.69%
Expense reimbursement	0.12%3	0.12%3
Net annual expenses	0.62%	0.57%

1 An additional purchase premium and redemption fee of 0.005% is charged for any purchases/redemptions (or any portion of a purchase/redemption) effected in a currency other than the U.S. dollar. See “Purchase Premiums and Redemption Fees” for a more detailed discussion of the Fund’s purchase premium and redemption fee, including the circumstances under which the Manager may waive all or a portion of the purchase premium or redemption fee.

2“Other expenses” do not include expenses associated with investments in the securities of unaffiliated issuers unless such issuers hold themselves out to be investment companies.

3 The Manager has contractually agreed to reimburse the Fund for expenses incurred by the Fund through at least June 30, 2008 to the extent the Fund’s total annual operating expenses (excluding shareholder service fees, investment-related costs, and other expenses described on page 104 of this Prospectus) exceed 0.47% of the Fund’s average daily net assets.

Example

This example helps you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same as those shown in the table, and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

	If you sell your shares				If you do not sell your shares
	1 Year*	3 Years	5 Years	10 Years	1 Year*	3 Years	5 Years	10 Years
Class III	$114	$277	$454	$968	$88	$249	$424	$930
Class IV	$109	$261	$427	$908	$83	$233	$396	$870

* After reimbursement

GMO International Small Companies Fund

The sections captioned “Fees and expenses” and “Example” on page 41 of the Prospectus are replaced with the following:

Fees and expenses

The tables below show the expected cost of investing in the Fund.

Shareholder fees (fees paid directly from your investment)	Class III
Purchase premium (as a percentage of amount invested)	0.50%1
Redemption fee (as a percentage of amount redeemed)	0.50%1

Annual Fund operating expenses (expenses that are paid from Fund assets as a percentage of average daily net assets)	Class III
Management fee	0.60%
Shareholder service fee	0.15%
Other expenses	0.09%2
Total annual operating expenses	0.84%
Expense reimbursement	0.09%3
Net annual expenses	0.75%

1 See “Purchase Premiums and Redemption Fees” for a more detailed discussion of the Fund’s purchase premium and redemption fee, including the circumstances under which the Manager may waive all or a portion of the purchase premium or redemption fee.

2“Other expenses” do not include expenses associated with investments in the securities of unaffiliated issuers unless such issuers hold themselves out to be investment companies.

3  The Manager has contractually agreed to reimburse the Fund for expenses incurred by the Fund through at least June 30, 2008 to the extent the Fund’s total annual operating expenses (excluding shareholder service fees, investment-related costs, and other expenses described on page 104 of this Prospectus) exceed 0.60% of the Fund’s average daily net assets.

Example

This example helps you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same as those shown in the table, and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

	If you sell your shares				If you do not sell your shares
	1 Year*	3 Years	5 Years	10 Years	1 Year*	3 Years	5 Years	10 Years
Class III	$178	$364	$566	$1,149	$126	$308	$505	$1,074

* After reimbursement

Frequent Trading Activity

The section titled “Frequent Trading Activity” on pages 107 and 108 of the Prospectus is amended and restated in its entirety as follows:

Frequent Trading Activity. It is the Trust’s policy that a Fund will not honor requests for purchases or exchanges by shareholders identified as engaging in frequent trading strategies, including market timing, that could be harmful to a Fund and its shareholders. Frequent trading strategies are generally strategies that involve repeated exchanges and/or purchases and redemptions (or redemptions and purchases) within a short period of time. Frequent trading strategies may be disruptive to the efficient management of a Fund, materially increase portfolio transaction costs and taxes, dilute the value of shares held by long-term investors, or otherwise be harmful to a Fund and its shareholders.

The Trustees have adopted procedures designed to detect and prevent frequent trading activity that is harmful to a Fund and its shareholders (the “Procedures”). The Procedures include the fair valuation of foreign securities, periodic surveillance of trading in shareholder accounts, inquiry as to the nature of trading activity, and, if GMO determines that frequent trading is occurring in an account that has the potential to be harmful to a Fund or its shareholders, prevention measures, including suspension of a shareholder’s exchange and purchase privileges. There is no assurance that the Procedures will be effective in all instances. A Fund does not automatically redeem shares that are the subject of a rejected exchange request.

Each of the Procedures will not apply to all Funds or all Fund trading activity. The application of the Procedures is dependent upon: (1) whether a Fund imposes purchase premiums and/or redemption fees, (2) the nature of a Fund’s investment program, including its typical cash positions and/or whether it invests in foreign securities, and (3) whether GMO has investment discretion over the purchase, exchange or redemption activity. Although GMO will not take affirmative steps to detect frequent trading for certain Funds, GMO will not honor requests for purchases or exchanges by shareholders identified as engaging in frequent trading strategies that could be harmful to such Funds and their shareholders.

In addition, shares of some Funds are distributed through financial intermediaries that submit net purchase and redemption orders through omnibus accounts. These omnibus accounts engage in frequent transactions due to the daily trading activity of underlying shareholders. Because transactions by omnibus accounts take place on a net basis, GMO’s ability to detect and prevent frequent trading strategies within those accounts may be limited. A financial intermediary may agree to monitor for and restrict frequent trading in accordance with the Funds’ Procedures. In addition, the Funds may rely upon a financial intermediary to monitor for and/or restrict frequent trading in accordance with the intermediary’s policies and procedures in lieu of the Funds’ Procedures if GMO believes that the financial intermediary’s policies and procedures are reasonably designed to detect and prevent frequent trading activity that is harmful to a Fund and its shareholders. Shareholders who own Fund shares through an intermediary should consult the disclosure provided by that shareholder’s intermediary for information regarding its frequent trading policies that may apply to that shareholder’s account. The Funds reserve the right to reject any order or terminate the sale of Fund shares through a particular intermediary at any time.

GMO U.S. Value Fund

On September 25, 2007, the Board of Trustees approved the liquidation of GMO U.S. Value Fund (the “Fund”). The Fund was liquidated effective January 15, 2008.

GMO Tax-Managed Small/Mid Cap Fund and GMO Tax-Managed U.S. Equities Fund

On September 25, 2007, the Board of Trustees approved the liquidation of GMO Tax-Managed Small/Mid Cap Fund in lieu of its reorganization into GMO Tax-Managed U.S. Equities Fund. GMO Tax-Managed Small/Mid Cap Fund was liquidated effective January 15, 2008.

Effective October 15, 2007, the Prospectus’ combined description of principal risks will be changed as follows:

• The Principal Risk “Smaller Company Risk” is added to the chart captioned “Description of Principal Risks” for GMO Tax-Managed U.S. Equities Fund on page 92 of the Prospectus.

Effective October 15, 2007, GMO Tax-Managed U.S. Equities Fund’s benchmark will change from the S&P 500 Index (after tax) to the Russell 3000 Index, and the summary of GMO Tax-Managed U.S. Equities Fund’s investment objective, principal investment strategies, principal risks, benchmark, performance, and fees and expenses on pages 20 and 21 of the Prospectus will read as follows:

GMO TAX-MANAGED U.S. EQUITIES FUND

Fund Inception Date: 7/23/98

Investment objective

High after-tax total return. The Fund seeks to achieve its objective by outperforming its benchmark.

Principal investment strategies

The Fund typically makes equity investments in companies that issue stocks included in the Russell 3000 Index, a U.S. stock index, and in companies with similar market capitalizations, and uses quantitative models integrated with tax management techniques to provide broad exposure to the U.S. equity market to investors subject to U.S. federal income tax. Under normal circumstances, the Fund invests at least 80% of its assets in equity investments tied economically to the U.S.

The Manager uses proprietary quantitative models to seek out stocks it believes are undervalued (generally, stocks trading at prices below what the Manager believes to be their fundamental value) or stocks it believes have improving fundamentals and/or positive sentiment. The Manager also uses proprietary techniques to adjust the portfolio for other factors such as position size, industry and sector weights, and market capitalization. The factors considered and models used by the Manager may change over time.

The Manager considers the tax effects of a proposed purchase or sale of a stock in conjunction with the return forecast of that stock and its potential contribution to the overall portfolio. The Manager may employ a variety of tax management techniques, such as seeking to minimize sales of securities that result in capital gains, preferring the sale of securities producing long-term capital gains to those producing short-term capital gains, and selling securities to realize capital losses that can be offset against realized capital gains. The tax management techniques employed by the Manager may change over time depending upon a variety of factors, including current market conditions and the amount of unrealized gains and losses in the Fund’s portfolio.

The Fund generally seeks to be fully invested and normally does not take temporary defensive positions through investment in cash and other high quality investments. In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including options, futures, and swap contracts, to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other types of derivatives); and/or (iii) manage risk by implementing shifts in investment exposure.

Investment Universe and Benchmark

As of July 31, 2007, the market capitalization of companies that issue stocks included in the Russell 3000 Index ranged from approximately $56 million to $479.6 billion with an average market capitalization of approximately $82.4 billion and a median market capitalization of approximately $1.2 billion.

The Fund’s benchmark is the Russell 3000 Index, which is independently maintained and published by the Frank Russell Company. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. Those companies represent approximately 98% of the total market capitalization of the U.S. equity market.

Principal risks of investing in the Fund

The value of the Fund’s shares changes with the value of the Fund’s investments. Many factors can affect this value, and you may lose money by investing in the Fund. There can be no assurance that the Fund’s tax management strategies will be effective, and investors may incur tax liabilities that exceed their economic return. Following is a brief summary of the principal risks of an investment in the Fund. For a more complete discussion of these risks, see “Description of Principal Risks.”

• Market Risk – Equity Securities – Equity securities may decline in value due to factors affecting the issuing companies, their industries, or the economy and equity markets generally. The Fund does not attempt to time the market. As a result, declines in stock market prices in general over short or extended periods can result in declines in the value of the Fund’s investments.

Other principal risks of an investment in the Fund include Market Risk – Value Securities (risk that the market may not recognize the value of securities purchased by the Fund, causing their prices to decline or fail to approach the value the Manager anticipates), Derivatives Risk (use of derivatives by the Fund may involve risks different from, or potentially greater than, risks associated with direct investments in securities and other investments by the Fund), Credit and Counterparty Risk (risk of default of a derivatives counterparty), Smaller Company Risk (greater market risk and liquidity risk resulting from investments in companies with smaller market capitalizations), and Non-Diversification Risk (the Fund is a non-diversified investment company and therefore a decline in the market value of a particular security held by the Fund may affect the Fund’s performance more than if the Fund were diversified).

Performance

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year for the periods shown, and by comparing the Fund’s average annual total returns for different calendar periods with those of a broad-based index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown, and after-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through tax-deferred arrangements (such as a 401(k) plan or individual retirement account). Performance results in the table reflect payment of Fund expenses; returns for the comparative indices do not reflect payment of any fees, expenses, or taxes. Past performance (before and after taxes) is not an indication of future performance.

Annual Total Return/Class III Shares (Before Tax)

Years Ending December 31

Highest Quarter: 16.69% (2Q2003)

Lowest Quarter: –17.54% (3Q2002)

Year-to-Date (as of 3/31/07): 0.59%

Average Annual Total Returns

Periods Ending December 31, 2006

	1 Year	5 Years	10 Years	Incept.
Class III				7/23/98
Return Before Taxes	10.04%	4.77%	N/A	4.98%
Return After Taxes on Distributions	9.81%	4.49%	N/A	4.61%
Return After Taxes on Distributions and Sale of Fund Shares	6.81%	4.01%	N/A	4.13%
Russell 3000 Index a	15.72%	7.17%	N/A	4.96%
S&P 500 Index	15.80%	6.19%	N/A	4.25%
S&P 500 Index (after tax) b	15.47%	5.95%	N/A	4.11%

a Fund’s benchmark effective October 15, 2007.

b Fund’s benchmark (computed by the Manager) prior to October 15, 2007.

Fees and expenses

The table below shows the expected cost of investing in the Fund.

Annual Fund operating expenses
(expenses that are paid from Fund assets as a percentage of average daily net assets)	Class III
Management fee	0.33%
Shareholder service fee	0.15%
Other expenses	0.11%1
Total annual operating expenses	0.59%
Expense reimbursement	0.11%2
Net annual expenses	0.48%

1“Other expenses” do not include expenses associated with investments in the securities of unaffiliated issuers unless such issuers hold themselves out to be investment companies.

2  The Manager has contractually agreed to reimburse the Fund for expenses incurred by the Fund through at least June 30, 2008 to the extent the Fund’s total annual operating expenses (excluding shareholder service fees, investment-related costs, and other expenses described on page 104 of this Prospectus) exceed 0.33% of the Fund’s average daily net assets.

Example

This example helps you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same as those shown in the table, and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

	1 Year*	3 Years	5 Years	10 Years
Class III	$49	$178	$318	$727

* After reimbursement

Disclosure of Portfolio Holdings

Beginning in the third calendar quarter of 2007, the top fifteen portfolio holdings of certain of the GMO Trust Funds may be posted monthly on GMO’s website. No confidentiality agreement is needed to access this information.

GMO Global Balanced Asset Allocation Fund; GMO Strategic Opportunities Allocation Fund; GMO Benchmark-Free Allocation Fund

Effective July 30, 2007, each of the above-referenced Funds may invest in GMO Special Situations Fund, a separate investment portfolio of GMO Trust. As a result of each Fund’s investment in GMO Special Situations Fund, each Fund will be indirectly exposed to the risks of GMO Special Situations Fund. For additional information about GMO Special Situations Fund, see “Investment in GMO Funds Offered through Separate Private Placement Memoranda” below.

Investment in GMO Funds Offered through Separate Private Placement Memoranda

Effective July 30, 2007, the section in the Prospectus titled “Investment in GMO Funds Offered through Separate Private Placement Memoranda” is amended to include the following information:

GMO Special Situations Fund.  GMO Special Situations Fund (“SSF”), a portfolio of the Trust, is described in a separate private placement memorandum. Shares of SSF are not publicly offered and are principally available only to other GMO Funds and certain other accredited investors. SSF is managed by GMO.

SSF pays an investment management fee to the Manager at the annual rate of 0.37% of SSF’s average daily net assets. SSF offers Class III and Class VI shares. Class III shares pay shareholder service fees to the Manager at the annual rate of 0.15% of SSF’s average daily net assets and Class VI shares pay shareholder service fees at the annual rate of 0.055% of SSF’s average daily net assets. In addition, the Manager has agreed to reimburse SSF for Fund expenses through at least June 30, 2008 to the extent the Fund’s total annual operating expenses (excluding shareholder service fees, expenses indirectly incurred by investment in other Funds of the Trust, fees and expenses of the independent Trustees of the Trust, fees and expenses for legal services not approved by the Manager for the Trust, compensation and expenses of the Trust’s Chief Compliance Officer (excluding any employee benefits), brokerage commissions, securities lending fees and expenses, interest expense, transfer taxes, and other investment-related costs (including expenses associated with investments in any company that is an investment company or would be an investment company under the 1940 Act, but for the exceptions to the definition of investment company provided in Sections 3(c)(1) and 3(c)(7) of the 1940 Act), hedging transaction fees, extraordinary, non-recurring and certain other unusual expenses (including taxes)) exceed 0.37% of the Fund’s average daily net assets.

SSF’s investment objectives are capital appreciation and capital preservation. SSF is a non-diversified investment company within the meaning of the 1940 Act.

SSF seeks to achieve its investment objectives by implementing investment strategies that are intended to complement long-only investments in global equities and fixed income instruments. SSF may have exposure to foreign and U.S. equity securities (including both growth and value style equities and equities of any market capitalization), foreign and U.S. fixed income securities (including fixed income securities of any credit quality and having any maturity or duration), currencies, and, from time to time, other alternative asset classes (e.g., instruments that seek exposure to or hedge risks of market volatility). SSF is not restricted in its exposure to any particular asset class, and at times may be substantially invested in a single asset class (e.g., equity securities or fixed income securities). In addition, SSF is not restricted in its exposure to any particular market. SSF may have substantial exposure to a particular country or type of country (e.g., emerging countries).

In managing SSF’s strategy, the Manager will employ proprietary quantitative investment models and fundamental judgment for the selection of derivatives and other investments and portfolio construction. The models use one or more independent, though possibly concentrated or focused, strategies for selection of investments. The Manager also may eliminate strategies or add new strategies in response to additional research, changing market conditions, or other factors.

In pursuing its investment objectives, SSF may use a wide variety of exchange-traded and over-the-counter derivatives, including options, futures, swap contracts, and swaptions, to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other types of derivatives); (iii) adjust exposure to market volatility; and/or (iv) manage risk by implementing shifts in investment exposure. In addition, SSF may use credit default swaps to a significant extent to take an active long or short position with respect to the likelihood of default by corporate or sovereign issuers. SSF may, and may do so to a significant extent, take active long and short currency positions in a particular currency through exchange-traded and OTC foreign currency derivatives as well as hedge its currency exposure through the use of currency forwards and other derivatives. Except for margin or other applicable regulatory requirements, there will be no limitations on the extent of SSF’s net long or net short positions.

SSF may elect to make some or all of its investments through one or more wholly-owned, non-U.S. subsidiaries. GMO may serve as the investment manager to these companies but will not receive any additional management or other fees for such services.

SSF may invest directly in U.S. government securities and cash and cash-like investments. SSF also may invest a substantial portion of its total assets in SDCF. SDCF primarily invests in high quality U.S. and foreign floating rate fixed income securities, in particular asset-backed securities, issued by a wide range of private and government issuers. See above for more information on SDCF.

SSF does not seek to control risk relative to a particular securities market index or benchmark. In addition, SSF does not seek to outperform a particular securities market index or blend of market indices.

To the extent a GMO Fund invests in SSF, it is subject to the risks associated with an investment in fixed income securities and related derivatives. The principal risks of an investment in SSF include Management Risk, Derivatives Risk, Currency Risk, Leveraging Risk, Credit and Counterparty Risk, Focused Investment Risk, Non-Diversification Risk, Foreign Investment Risk, Market Risk — Fixed Income Securities and Related Derivatives, Market Risk — Equity Securities, Market Disruption and Geopolitical Risk, Large Shareholder Risk, and Liquidity Risk. Shareholders of each GMO Fund investing in SSF are indirectly exposed to these risks, in addition to all risks associated with their investment in such GMO Fund.

GMO Alpha Only Fund

The reference to “Class VI” in the table captioned “Annual Fund operating expenses” on page 91 of the Prospectus is hereby revised to read “Class IV”.

GMO TRUST

Amended and Restated Supplement dated March 17, 2008 to

GMO Trust Class M Prospectus dated June 30, 2007

and GMO

Trust Class M Statement of Additional Information dated June 30, 2007

Frequent Trading Activity

The section titled “Frequent Trading Activity” on page 23 of the Prospectus is amended and restated in its entirety as follows:

Frequent Trading Activity. It is the Trust’s policy that a Fund will not honor requests for purchases or exchanges by shareholders identified as engaging in frequent trading strategies, including market timing, that could be harmful to a Fund and its shareholders. Frequent trading strategies are generally strategies that involve repeated exchanges and/or purchases and redemptions (or redemptions and purchases) within a short period of time. Frequent trading strategies may be disruptive to the efficient management of a Fund, materially increase portfolio transaction costs and taxes, dilute the value of shares held by long-term investors, or otherwise be harmful to a Fund and its shareholders.

The Trustees have adopted procedures designed to detect and prevent frequent trading activity that is harmful to a Fund and its shareholders (the “Procedures”). The Procedures include the fair valuation of foreign securities, periodic surveillance of trading in shareholder accounts, inquiry as to the nature of trading activity, and, if GMO determines that frequent trading is occurring in an account that has the potential to be harmful to a Fund or its shareholders, prevention measures, including suspension of a shareholder’s exchange and purchase privileges. There is no assurance that the Procedures will be effective in all instances. A Fund does not automatically redeem shares that are the subject of a rejected exchange request.

Each of the Procedures will not apply to all Funds or all Fund trading activity. The application of the Procedures is dependent upon: (1) whether a Fund imposes purchase premiums and/or redemption fees, (2) the nature of a Fund’s investment program, including its typical cash positions and/or whether it invests in foreign securities, and (3) whether GMO has investment discretion over the purchase, exchange or redemption activity. Although GMO will not take affirmative steps to detect frequent trading for certain Funds, GMO will not honor requests for purchases or exchanges by shareholders identified as engaging in frequent trading strategies that could be harmful to such Funds and their shareholders.

In addition, shares of some Funds are distributed through financial intermediaries that submit net purchase and redemption orders through omnibus accounts. These omnibus accounts engage in frequent transactions due to the daily trading activity of underlying shareholders. Because transactions by omnibus accounts take place on a net basis, GMO’s ability to detect and prevent frequent trading strategies within those accounts may be limited. A financial intermediary may agree to monitor for and restrict frequent trading in accordance with the Funds’ Procedures. In addition, the Funds may rely upon a financial intermediary to monitor for and/or restrict frequent trading in accordance with the intermediary’s policies and procedures in lieu of the Funds’ Procedures if GMO believes that the financial intermediary’s policies and procedures are reasonably designed to detect and prevent frequent trading activity that is harmful to a Fund and its shareholders. Shareholders who own Fund shares through an intermediary should consult the disclosure provided by that shareholder’s intermediary for information regarding its frequent trading policies that may apply to that shareholder’s account. The Funds reserve the right to reject any order or terminate the sale of Fund shares through a particular intermediary at any time.

GMO U.S. Value Fund

On September 25, 2007, the Board of Trustees approved the liquidation of GMO U.S. Value Fund (the “Fund”). The Fund was liquidated effective January 15, 2008.

Disclosure of Portfolio Holdings

Beginning in the third calendar quarter of 2007, the top fifteen portfolio holdings of certain of the GMO Trust Funds may be posted monthly on GMO’s website. No confidentiality agreement is needed to access this information.

EX-99

SUB-ITEM 77H
The following shareholders held greater than 25% of the outstanding shares of a series
of the Trust as of February 29, 2008:
Fund	Shareholder
GMO Alpha Only Fund	Evergreen Asset Allocation Fund
GMO Alternative Asset Opportunity Fund	GMO Benchmark Free Allocation Fund
GMO Alternative Asset SPC Fund	GMO Alternative Asset Opportunity Fund
GMO Core Plus Bond Fund	Evergreen Asset Allocation Fund
GMO Currency Hedged International Bond Fund	JP Morgan Chase Bank
GMO Currency Hedged International Bond Fund	Teachers' Retirement System of The City Of New York
GMO Currency Hedged International Equity Fund	JP Morgan Chase Bank
GMO Developed World Stock Fund	Dow Employees Pension Plan
GMO Domestic Bond Fund	Evergreen Asset Allocation Fund
GMO Domestic Bond Fund	Teachers' Retirement System of The City Of New York
GMO Emerging Markets Opportunity Fund	Evergreen Asset Allocation Fund
GMO Foreign Small Companies Fund	Virginia Retirement System
GMO Global Growth Fund	Berks County Retirement Fund
GMO Inflation Indexed Plus Bond Fund	The Northern Trust Company, Trustee of The Aerospace Corporation Employees
GMO Inflation Indexed Plus Bond Fund	Mayo Foundation Retirement Trust
GMO International Core Equity Fund	Evergreen Asset Allocation Fund
GMO International Small Companies Fund	New Zealand Superannuation Fund
GMO Real Estate Fund	Mac & Co 10000643000 FBO Princeton
GMO Short Duration Collateral Share Fund	Cormorant Fund
GMO Short Duration Collateral Fund	GMO Strategic Fixed Income Fund
GMO Short-Duration Investment Fund	GMO Global Balanced Asset Allocation Fund
GMO Special Purpose Holding Fund	Verib NYXF1776322
GMO Special Situation Fund	Evergreen Asset Allocation Fund
GMO Special Situation Fund	GMO Global Balanced Asset Allocation Fund
GMO SPV I, LLC	GMO Alpha Libor Fund
GMO Strategic Fixed Income Fund	Evergreen Asset Allocation Fund
GMO Taiwan Fund	Pension Reserves Investment Trust
GMO Taiwan Fund	State of Connecticut Retirement
GMO Tax-Managed U.S. Equity Fund	Northern Trust Co. FBO Edgar M Bronfman
GMO Tax-Managed U.S. Equity Fund	Strafe and Co FAO MJH Investment LTD
GMO Tobacco Free Core Fund	Council For World Mission
GMO US Core Equity Allocation Fund	The Board of Trustees of the University of Illinois
GMO U.S. Intrinsic Value Fund	Hopke Partnership
GMO U.S. Intrinsic Value Fund	Sei Private Trust Company FBO New Balancce Fund
GMO U.S. Small/Mid Cap Value	Maine State Retirement System
GMO U.S. Small/Mid Cap Value	Union Bank & Trust Nominee FBO SD Transit Corp
GMO U.S. Growth Fund	Northern Trust Co. FBO Colorado PERA 401K
GMO World Opportunity Overlay Fund	GMO Strategic Fiexed Income Fund
The following shareholders ceased to hold greater than 25% of the outstanding shares of a
series of the Trust during the period August 31, 2007 through February 29, 2008:
Fund	Shareholder
GMO Currency Hedged International Equity Fund	GMO World Opportunities Equity Fund
GMO Global Bond Fund	Fresno County Employees' Retirement Association
GMO Global Bond Fund	Mars Pension Trustees
GMO Global Growth Fund	Theresa Stone Pan Charitable Remainder Unitrust
GMO Global Growth Fund	Lockbox One LLC
GMO Inflation Indexed Plus Bond Fund	Evergreen Asset Allocation Fund
GMO Short Duration Collateral Fund	GMO Inflation Index Plus Bond Fund
GMO Tax-Managed Small/Mid Cap Companies Fund	CAMASS Investment
GMO U.S. Intrinsic Value Fund	Saturn & Co C/O Investors Bank & Trust
GMO U.S. Small/Mid Cap Growth Fund	Basellandschaftliche Pensionskasse
GMO U.S. Value Fund	Polk Brothers Foundation
GMO U.S. Value Fund	Wachovia Bank
GMO World Opportunity Overlay Fund	GMO Inflation Indexed Plus Bond Fund

EX-99

GMO Trust
FYE 2/29/08
Annual Expense Ratios
Fund Name	Class 3	Class 4	Class 5	Class 6
Alpha Only		0.54%
Alternative Asset Opportunity Fund	0.60%
Core Plus Bond Fund		0.36%
Domestic Bond Fund				0.16%
Emerging Countries Fund	1.11%
Emerging Country Debt Fund	1.31%	1.27%
Emerging Markets Fund				1.00%
Emerging Markets Opportunities Fund				0.61%
International Bond Fund	0.40%
International Core Equity Fund				0.44%
International Growth Equity Fund		0.61%
International Intrinsic Value Fund		0.63%
Short-Duration Investment Fund	0.20%
Special Situations Fund				0.43%
Strategic Fixed Income Fund				0.29%
U.S. Core Equity Fund				0.37%
U.S. Growth Fund	0.46%
U.S. Quality Equity Fund				0.39%
U.S. Small Cap Growth Fund	0.46%
U.S. Small Cap Value Fund	0.46%
World Opportunity Overlay Fund	0.07%

EX-99

GMO Trust
FYE 2/29/08
Attachment Filed in Response to Form N-SAR Sub-Item 77P
Monthly Purchases, Redemptions, and Exchanges (000's omitted)
		Exchanges		Exchanges
March	Purchases	In	Redemptions	Out
Fund Name
GMO Developed World Stock Fund	0	0	12305	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	96218	2150	80134	200
GMO Short-Duration Investment Fund	0	0	20	300
GMO Tobacco-Free Core Fund	225	0	4	0
GMO International Small Companies Fund	30091	519	98849	5
GMO U.S. Equity Allocation Fund	0	0	0	7083
GMO Emerging Markets Fund	16272	5	91245	134609
GMO International Bond Fund	329	0	1783	100
GMO Emerging Country Debt Fund	42534	0	60500	5071
GMO Alpha Only Fund	2518	3400	606	0
GMO Domestic Bond Fund	6052	81084	2715	0
GMO Currency Hedged International Bond Fund	47	0	1017	0
GMO Currency Hedged International Equity Fund	3	0	63	8650
GMO Global Bond Fund	291	0	0	0
GMO Real Estate Fund	1	0	326	0
GMO Foreign Fund	30293	0	145801	0
GMO Global Balanced Asset Allocation Fund	26255	192	9280	0
GMO International Equity Allocation Fund	3	0	180	38
GMO Global (U.S.+) Equity Allocation Fund	71	0	2097	0
GMO Inflation Indexed Plus Bond Fund	9162	4494	11653	640540
GMO Core Plus Bond Fund	4671	0	174550	732195
GMO Emerging Countries Fund	1218	0	7004	0
GMO Emerging Markets Opportunities Fund	21300	0	852	12819
GMO Tax-Managed U.S. Equities Fund	35	0	35	0
GMO Tax-Managed International Equities Fund	24342	0	2452	5441
GMO Tax-Managed Small/Mid Cap Fund	0	0	0	0
GMO Foreign Small Companies Fund	13400	0	21500	0
GMO Taiwan Fund	0	0	19368	0
GMO Short-Duration Collateral Fund	1801675	5442	1236697	0
GMO Short-Duration Collateral Share Fund	22649	0	20251	0
GMO Strategic Opportunities Allocation Fund	5750	0	32	0
GMO Strategic Fixed Income Fund	201647	1310901	0	0
GMO Benchmark-Free Allocation Fund	116	15	39	69
GMO U.S. Quality Equity Fund	112651	120263	10855	0
GMO Global Growth Fund	1337	0	57647	0
GMO World Opportunity Overlay Fund	152650	0	546705	0
GMO World Opportunity Equity Allocaton Fund	7125	0	2467	0
GMO Alternative Asset Opportunity Fund	82	0	250	0
GMO International Opportunity Equity Fudn	43879	0	1109	0
GMO U.S. Core Equity Fund	62717	8261	83735	110000
GMO U.S. Growth Fund	849	0	26699	0
GMO U.S. Value Fund	235	0	514	0
GMO U.S. Small/Mid Cap Value Fund	8	0	975	0
GMO U.S. Small/Mid Cap Growth Fund	8	0	602	0
GMO U.S. Intrinsic Value Fund	0	0	0	0
GMO International Core Equity Fund	98349	110000	19109	0
GMO International Growth Equity Fund	72884	2388	27475	160
GMO World Opportunity Equity Allocaton Fund	43	7082	0	0
April
Fund Name
GMO Developed World Stock Fund	0	0	417	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	49724	0	64759	0
GMO Short-Duration Investment Fund	28	0	115	0
GMO Tobacco-Free Core Fund	1572	0	2000	0
GMO International Small Companies Fund	14	0	8170	0
GMO U.S. Equity Allocation Fund	0	0	0	0
GMO Emerging Markets Fund	340344	0	542237	3
GMO International Bond Fund	52500	0	5161	0
GMO Emerging Country Debt Fund	1792	7	2727	0
GMO Alpha Only Fund	3100	2	6362	0
GMO Domestic Bond Fund	250	0	127	0
GMO Currency Hedged International Bond Fund	0	0	51949	44
GMO Currency Hedged International Equity Fund	0	0	0	0
GMO Global Bond Fund	10000	32	0	0
GMO Real Estate Fund	0	0	10	2
GMO Foreign Fund	157859	0	106165	0
GMO Global Balanced Asset Allocation Fund	31390	6	4070	0
GMO International Equity Allocation Fund	10	0	35	0
GMO Global (U.S.+) Equity Allocation Fund	5925	0	3000	0
GMO Inflation Indexed Plus Bond Fund	37035	0	41247	0
GMO Core Plus Bond Fund	12632	0	45906	0
GMO Emerging Countries Fund	1146	0	4240	0
GMO Emerging Markets Opportunities Fund	2737	0	6000	0
GMO Tax-Managed U.S. Equities Fund	365	0	125	0
GMO Tax-Managed International Equities Fund	2404	0	4050	0
GMO Tax-Managed Small/Mid Cap Fund	11	0	416	0
GMO Foreign Small Companies Fund	0	0	6500	0
GMO Taiwan Fund	6652	0	10	0
GMO Short-Duration Collateral Fund	85536	1256	122760	0
GMO Short-Duration Collateral Share Fund	8365	0	3683	0
GMO Strategic Opportunities Allocation Fund	5228	0	0	0
GMO Strategic Fixed Income	24729	0	11500	0
GMO Benchmark-Free Allocation Fund	77	3	17930	220
GMO U.S. Quality Equity Fund	657968	0	594442	0
GMO Global Growth Fund	3	0	0	0
GMO Alternative Asset Opportunity Fund	0	0	300	0
GMO World Opportunity Overlay Fund	15100	0	29100	0
GMO World Opportunity Equity Allocaton Fund	1	0	0	0
GMO International Opportunity Equity Fund	50804	0	1500	0
GMO U.S. Core Equity Fund	327446	0	357651	501036
GMO U.S. Growth Fund	1244	0	2129	0
GMO U.S. Value Fund	280	0	331	0
GMO U.S. Small/Mid Cap Value Fund	102	0	651	0
GMO U.S. Small/Mid Cap Growth Fund	4	0	1	0
GMO U.S. Intrinsic Value Fund	39	0	0	0
GMO International Core Equity Fund	417844	500000	64588	0
GMO International Growth Equity Fund	38744	0	55401	0
May
Fund Name
GMO Developed World Stock Fund	0	0	148	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	43280	3256	50930	0
GMO Short-Duration Investment Fund	0	0	12283	86
GMO Tobacco-Free Core Fund	225	0	14772	0
GMO International Small Companies Fund	1532	0	29022	402
GMO U.S. Equity Allocation Fund	0	0	10714	0
GMO Emerging Markets Fund	78	0	135906	2355
GMO International Bond Fund	21209	7809	2400	2931
GMO Emerging Country Debt Fund	59	0	2579	401
GMO Aplha Only Fund	0	0	2270	0
GMO Domestic Bond Fund	0	0	3005	0
GMO Currency Hedged International Bond Fund	0	0	143	10290
GMO Currency Hedged International Equity Fund	0	0	424	0
GMO Global Bond Fund	0	0	0	0
GMO Real Estate Fund	0	0	518	0
GMO Foreign Fund	34219	0	75638	0
GMO Global Balanced Asset Allocation Fund	31405	0	17540	0
GMO International Equity Allocation Fund	1	17	1110	0
GMO Global (U.S.+) Equity Allocation Fund	2400	0	917	0
GMO Inflation Indexed Plus Bond Fund	14555	0	9351	0
GMO Core Plus Bond Fund	59955	0	7803	534
GMO Emerging Countries Fund	1042	74	13529	0
GMO Emerging Markets Opportunities Fund	21785	0	1850	0
GMO Tax-Managed U.S. Equities Fund	0	0	328	0
GMO Tax-Managed International Equities Fund	1053	144	1607	368
GMO Tax-Managed Small/Mid Cap Fund	0	0	0	0
GMO Foreign Small Companies Fund	0	0	6625	0
GMO Taiwan Fund	0	0	7919	0
GMO Short-Duration Collateral Fund	172100	0	78511	0
GMO Short-Duration Collateral Share Fund	0	0	850	0
GMO Benchmark-Free Allocation Fund	0	0	12898	11
GMO U.S. Quality Equity Fund	289873	2154	9458	0
GMO Global Growth Fund	0	0	1	0
GMO World Opportunity Overlay Fund	11000	0	3500	0
GMO World Opportunity Equity Allocaton Fund	140	0	2351	0
GMO Alternative Asset Opportunity Fund	0	0	2756	0
GMO Strategic Opportunities Allocation Fund	4140	0	120	0
GMO Strategic Fixed Income	15347	0	9370	104
GMO International Opportunity Equity Fund	8258	0	6209	0
GMO U.S. Core Equity Fund	3006	800	53056	1000000
GMO U.S. Growth Fund	947	0	3713	0
GMO U.S. Value Fund	263	0	271	0
GMO U.S. Small/Mid Cap Value Fund	0	0	875	0
GMO U.S. Small/Mid Cap Growth Fund	0	0	627	0
GMO U.S. Intrinsic Value Fund	0	0	500	0
GMO International Core Equity Fund	67176	1000000	10027	0
GMO International Growth Equity Fund	4451	325	26371	0
GMO Special Purpose Holding Fund	0	0	0	0
June
Fund Name
GMO Developed World Stock Fund	0	0	477	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	106548	300	101694	4960
GMO Short-Duration Investment Fund	0	0	5	7232
GMO Tobacco-Free Core Fund	12115	0	156368	0
GMO International Small Companies Fund	100700	0	23955	0
GMO U.S. Equity Allocation Fund	0	0	0	0
GMO Emerging Markets Fund	3000	16	309875	14046
GMO International Bond Fund	300	0	7020	0
GMO Emerging Country Debt Fund	31805	3621	27773	0
GMO Alpha Only Fund	0	150	10305	251087
GMO Domestic Bond Fund	81708	100	8276	0
GMO Currency Hedged International Bond Fund	46000	0	37	0
GMO Currency Hedged International Equity Fund	0	0	600	100
GMO Global Bond Fund	0	0	0	0
GMO Real Estate Fund	0	0	1268	0
GMO Foreign Fund	53846	0	45892	0
GMO Global Balanced Asset Allocation Fund	41034	7231	5005	0
GMO International Equity Allocation Fund	0	0	169	0
GMO Global (U.S.+) Equity Allocation Fund	0	0	2065	0
GMO Inflation Indexed Plus Bond Fund	45270	976557	1179	0
GMO Core Plus Bond Fund	93936	0	5155	400
GMO Emerging Countries Fund	1644	0	4986	350
GMO Emerging Markets Opportunities Fund	3586	0	7367	0
GMO Tax-Managed U.S. Equities Fund	0	0	2019	0
GMO Tax-Managed International Equities Fund	8215	0	8848	0
GMO Tax-Managed Small/Mid Cap Fund	395	0	3504	0
GMO Foreign Small Companies Fund	4500	0	51528	0
GMO International Bond Fund	0	0	0	0
GMO Taiwan Fund	1724	0	0	0
GMO Short-Duration Collateral Fund	1074308	0	763630	0
GMO Short-Duration Collateral Share Fund	1760	0	1200	0
GMO Benchmark-Free Allocation Fund	0	0	5278	0
GMO U.S. Quality Equity Fund	239316	3500	39243	0
GMO Global Growth Fund	0	0	0	0
GMO Alternative Asset Opportunity Fund	0	0	650	7310
GMO World Opportunities Equity Allocation Fund	35	0	13313	0
GMO World Opportunity Overlay Fund	248625	0	79550	0
GMO Strategic Opportunities Allocation Fund	226	0	890	0
GMO Strategic Fixed Income Fund	1971	0	17570	702100
GMO International Opportunity Equity Allocation Fund	57737	0	2308	0
GMO U.S. Core Equity Fund	95884	950	135712	250
GMO U.S. Growth Fund	740	0	1499	0
GMO U.S. Value Fund	253	0	436	150
GMO U.S. Small/Mid Cap Value Fund	0	0	200	100
GMO U.S. Small/Mid Cap Growth Fund	0	0	800	100
GMO U.S. Intrinsic Value Fund	635	0	0	0
GMO International Core Equity Fund	152922	0	12488	0
GMO International Growth Equity Fund	33314	450	66642	5010
July
Fund Name
GMO Developed World Stock Fund	10987	0	148	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	519531	31951	283885	84163
GMO Short-Duration Investment Fund	53	0	466	1386
GMO Tobacco-Free Core Fund	0	0	0	0
GMO International Small Companies Fund	8461	0	31002	1000
GMO U.S. Equity Allocation Fund	7034	0	5400	0
GMO Emerging Markets Fund	2084821	46	1279045	252275
GMO International Bond Fund	58446	0	7977	0
GMO Emerging Country Debt Fund	224042	18	105350	0
GMO Alpha Only Fund	53895	4900	142282	0
GMO Domestic Bond Fund	187880	32864	189295	0
GMO Currency Hedged International Bond Fund	0	0	7	0
GMO Currency Hedged International Equity Fund	11912	0	900	32390
GMO Global Bond Fund	100868	0	0	0
GMO Real Estate Fund	2675	0	10	43
GMO Foreign Fund	1043503	7236	778620	28090
GMO Global Balanced Asset Allocation Fund	300236	1486	6776	0
GMO International Equity Allocation Fund	50411	0	617	0
GMO Global (U.S.+) Equity Allocation Fund	16902	0	917	22
GMO Inflation Indexed Plus Bond Fund	382670	782368	72967	0
GMO Core Plus Bond Fund	74404	0	18154	184000
GMO Emerging Countries Fund	52600	0	8615	0
GMO Emerging Markets Opportunities Fund	25913	0	7464	23675
GMO Tax-Managed U.S. Equities Fund	360	0	100	0
GMO Tax-Managed International Equities Fund	31197	0	653	0
GMO Tax-Managed Small/Mid Cap Fund	475	0	100	0
GMO Foreign Small Companies Fund	246696	0	177793	0
GMO Taiwan Fund	24483	0	0	0
GMO Short-Duration Collateral Fund	1185810	0	1003337	0
GMO Short-Duration Collateral Share Fund	132	0	737	0
GMO Benchmark-Free Allocation Fund	44094	40	552	0
GMO U.S. Quality Equity Fund	488770	224651	314255	39
GMO Global Growth	48	0	1	36
GMO World Opportunity Overlay Fund	267770	0	130050	0
GMO World Opportunities Equity Allocation Fund	30959	0	498	4902
GMO Strategic Opportunities Allocation Fund	12374	0	3500	0
GMO Strategic Fixed Income Fund	52051	10035	50550	787400
GMO International Opportunitiy Equity	24380	28040	1316	0
GMO U.S. Core Equity Fund	216607	67684	227740	0
GMO U.S. Growth Fund	2751	0	1885	7200
GMO U.S. Value Fund	972	0	1362	0
GMO U.S. Small/Mid Cap Value Fund	2311	0	335	0
GMO U.S. Small/Mid Cap Growth Fund	797	0	235	0
GMO U.S. Intrinsic Value Fund	0	0	100	0
GMO International Core Equity Fund	587676	1294	385225	3000
GMO International Growth Equity Fund	222544	20265	74246	81083
GMO Alternative Asset Opportunity Fund	0	0	0	2450
GMO Special Situations	-278276	278276	0	0
August
Fund Name
GMO Developed World Stock Fund	0	0	3846	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	155884	0	40122	5323
GMO Short-Duration Investment Fund	0	0	150	0
GMO Tobacco-Free Core Fund	0	0	59837	0
GMO International Small Companies Fund	574	0	15608	7
GMO U.S. Equity Allocation Fund	0	0	6298	0
GMO Emerging Markets Fund	60628	0	214420	691
GMO International Bond Fund	0	0	9639	0
GMO Emerging Country Debt Fund	1035	9	46	4
GMO Alpha Only Fund	193093	0	239	0
GMO Domestic Bond Fund	2833	15945	7649	0
GMO Currency Hedged International Bond Fund	0	0	4025	0
GMO Currency Hedged International Equity Fund	0	0	2113	0
GMO Global Bond Fund	4473	0	0	0
GMO Real Estate Fund	0	0	4010	0
GMO Foreign Fund	64949	0	173043	0
GMO Global Balanced Asset Allocation Fund	29522	0	3874	0
GMO International Equity Allocation Fund	0	0	2073	0
GMO Global (U.S.+) Equity Allocation Fund	0	0	318	0
GMO Inflation Indexed Plus Bond Fund	60333	0	532	2455
GMO Core Plus Bond Fund	10000	1179	3573	2200
GMO Emerging Countries Fund	1673	0	2754	403
GMO Emerging Markets Opportunities Fund	42200	0	9468	0
GMO Tax-Managed U.S. Equities Fund	0	0	0	0
GMO Tax-Managed International Equities Fund	244	0	9667	0
GMO Tax-Managed Small/Mid Cap Fund	0	0	0	0
GMO Foreign Small Companies Fund	0	0	1500	12
GMO Taiwan Fund	0	0	0	0
GMO Short-Duration Collateral Fund	208426	1354	219268	2
GMO Short-Duration Collateral Share Fund	1525	0	271	0
GMO Benchmark-Free Allocation Fund	4	24	934	229
GMO U.S. Quality Equity Fund	329333	2100	88644	4
GMO Global Growth Fund	0	0	0	0
GMO Alternative Asset Opportunity Fund	0	0	4750	123718
GMO World Opportunity Overlay Fund	22475	0	9400	0
GMO World Opportunities Equity Allocation Fund	0	0	13581	0
GMO Strategic Opportunities Allocation Fund	456080	0	6099	0
GMO Strategic Fixed Income Fund	17287	0	12603	8110
GMO U.S. Core Equity Fund	86294	0	29672	8
GMO U.S. Growth Fund	595	0	10891	0
GMO U.S. Value Fund	376	0	587	0
GMO U.S. Small/Mid Cap Value Fund	0	0	773	0
GMO U.S. Small/Mid Cap Growth Fund	0	0	20	0
GMO U.S. Intrinsic Value Fund	0	0	0	0
GMO International Core Equity Fund	600401	0	44543	5
GMO International Growth Equity Fund	152339	0	14717	5512
GMO International Opportunity Equity Allocation Fund	3666	0	189	0
GMO Special Situation Fund	300276	25673	0	0
September
Fund Name
GMO Developed World Stock Fund	0	0	148	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	76340	0	118327	33223
GMO Short-Duration Investment Fund	0	0	300	0
GMO Tobacco-Free Core Fund	0	0	0	0
GMO International Small Companies Fund	21033	0	3316	480
GMO U.S. Equity Allocation Fund	3000	0	504	0
GMO Emerging Markets Fund	51574	0	254034	51574
GMO International Bond Fund	0	0	41	3000
GMO Emerging Country Debt Fund	7060	0	9401	5898
GMO Alpha Only Fund	85057	19261	85577	0
GMO Domestic Bond Fund	1084	0	108	0
GMO Currency Hedged International Bond Fund	12	0	48228	0
GMO Currency Hedged International Equity Fund	6404	0	3170	6404
GMO Global Bond Fund	0	0	0	0
GMO Real Estate Fund	0	0	319	0
GMO Foreign Fund	52148	10000	50750	0
GMO Global Balanced Asset Allocation Fund	14473	0	2960	0
GMO International Equity Allocation Fund	35	0	3635	0
GMO Global (U.S.+) Equity Allocation Fund	0	0	705	0
GMO Inflation Indexed Plus Bond Fund	96704	0	115494	3000
GMO Core Plus Bond Fund	0	0	16041	6000
GMO Emerging Countries Fund	1647	0	12496	0
GMO Emerging Markets Opportunities Fund	9018	0	23255	7618
GMO Tax-Managed U.S. Equities Fund	72	0	5043	0
GMO Tax-Managed International Equities Fund	2886	0	1716	0
GMO Tax-Managed Small/Mid Cap Fund	0	0	500	0
GMO Foreign Small Companies Fund	30000	0	21500	10000
GMO Taiwan Fund	0	0	23339	0
GMO Short-Duration Collateral Fund	293070	0	165648	0
GMO Short-Duration Collateral Share Fund	11819	0	31876	0
GMO Benchmark-Free Allocation Fund	135085	137161	3586	0
GMO U.S. Quality Equity Fund	98371	12888	58002	59593
GMO Global Growth Fund	0	0	1	0
GMO World Opportunities Equity Allocation Fund	263	96931	11335	0
GMO World Opportunity Overlay Fund	27700	0	39900	0
GMO Alternative Asset Opportunity Fund	0	0	-3343	3343
GMO Strategic Opportunities Allocation Fund	14058	0	0	0
GMO Strategic Fixed Income Fund	47351	0	23928	27557
GMO International Opportunity Equity Allocation Fund	4932	0	6539	0
GMO U.S. Core Equity Fund	27846	0	52988	24656
GMO U.S. Growth Fund	617	0	3356	0
GMO U.S. Value Fund	241	0	10096	12411
GMO U.S. Small/Mid Cap Value Fund	0	0	419	0
GMO U.S. Small/Mid Cap Growth Fund	505	0	6258	0
GMO U.S. Intrinsic Value Fund	0	0	2010	0
GMO International Core Equity Fund	126285	0	31148	0
GMO International Growth Equity Fund	29590	0	76124	33488
GMO Special Purpose Holding Fund	500	12000	0	0
October
Fund Name
GMO Developed World Stock Fund	0	0	152	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	52960	2290	43747	3250
GMO Short-Duration Investment Fund	85	0	192	0
GMO Tobacco-Free Core Fund	532	0	17900	0
GMO International Small Companies Fund	0	0	28488	2052
GMO U.S. Equity Allocation Fund	163	0	24671	0
GMO Emerging Markets Fund	649333	0	815034	4123
GMO International Bond Fund	0	0	1500	0
GMO Emerging Country Debt Fund	24	1500	16020	0
GMO Alpha Only Fund	-33360	132143	-203062	205062
GMO Domestic Bond Fund	4373	0	1499	0
GMO Currency Hedged International Bond Fund	1	0	0	0
GMO Currency Hedged International Equity Fund	0	0	3940	0
GMO Global Bond Fund	17	0	0	0
GMO Real Estate Fund	0	0	10	0
GMO Foreign Fund	71700	0	103377	0
GMO Global Balanced Asset Allocation Fund	128877	30000	28116	0
GMO International Equity Allocation Fund	30	0	3547	0
GMO Global (U.S.+) Equity Allocation Fund	0	0	3760	0
GMO Inflation Indexed Plus Bond Fund	-120945	136078	-62456	86446
GMO Core Plus Bond Fund	75	0	500	0
GMO Emerging Countries Fund	2602	189	6768	0
GMO Emerging Markets Opportunities Fund	115	0	1321	0
GMO Tax-Managed U.S. Equities Fund	351	0	11538	0
GMO Tax-Managed International Equities Fund	6774	0	9779	0
GMO Tax-Managed Small/Mid Cap Fund	18	0	979	0
GMO Foreign Small Companies Fund	0	0	32040	0
GMO Taiwan Fund	0	0	19423	0
GMO Short-Duration Collateral Fund	167780	0	141434	189
GMO Short-Duration Collateral Share Fund	288	0	314	0
GMO Benchmark-Free Allocation Fund	-135013	135148	5000	0
GMO U.S. Quality Equity Fund	271898	30	232116	0
GMO Global Growth	0	0	1	0
GMO World Opportunity Overlay Fund	16900	0	4200	0
GMO World Opportunity Equity Allocation Fund	8077	0	1951	0
GMO Alternative Asset Opportunity Fund	3343	0	-1407	4750
GMO Strategic Opportunities Allocation Fund	0	0	0	0
GMO Strategic Fixed Income Fund	66467	0	2000	0
GMO International Opportunity Equity Allocation Fund	1204	0	1738	0
GMO U.S. Core Equity Fund	42299	3	95567	6
GMO U.S. Growth Fund	1316	0	1128	0
GMO U.S. Value Fund	201	0	1311	0
GMO U.S. Small/Mid Cap Value Fund	184	0	1843	21
GMO U.S. Small/Mid Cap Growth Fund	0	0	2088	0
GMO U.S. Intrinsic Value Fund	177	0	29	0
GMO International Core Equity Fund	205459	0	195284	0
GMO International Growth Equity Fund	4521	2250	28962	3750
GMO Special Situation Fudn	16000	2200	0	0
November
Fund Name
GMO Developed World Stock Fund	0	0	807	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	100716	0	57550	111457
GMO Short-Duration Investment Fund	0	0	0	0
GMO Tobacco-Free Core Fund	9305	0	40878	0
GMO International Small Companies Fund	0	3	41270	0
GMO U.S. Equity Allocation Fund	7	0	149	0
GMO Emerging Markets Fund	51173	18	497604	427
GMO International Bond Fund	240	700	0	21
GMO Emerging Country Debt Fund	441	0	6142	118
GMO Alpha Only Fund	60915	2741	1000	0
GMO Domestic Bond Fund	0	0	106	0
GMO Currency Hedged International Bond Fund	0	0	61	27
GMO Currency Hedged International Equity Fund	35876	0	1487	0
GMO Global Bond Fund	0	0	0	0
GMO Real Estate Fund	0	0	40	18
GMO Foreign Fund	14215	25000	42579	0
GMO Global Balanced Asset Allocation Fund	96121	221	51110	0
GMO International Equity Allocation Fund	5	0	43977	0
GMO Global (U.S.+) Equity Allocation Fund	750	0	917	0
GMO Inflation Indexed Plus Bond Fund	0	0	30767	399
GMO Core Plus Bond Fund	0	0	7851	116000
GMO Emerging Countries Fund	773	0	2631	0
GMO Emerging Markets Opportunities Fund	5000	0	2038	0
GMO Tax-Managed U.S. Equities Fund	0	0	100	0
GMO Tax-Managed International Equities Fund	9499	0	361	0
GMO Tax-Managed Small/Mid Cap Fund	0	0	2107	0
GMO Foreign Small Companies Fund	30000	0	11500	25000
GMO Taiwan Fund	0	0	25434	0
GMO Short-Duration Collateral Fund	200155	0	192410	500
GMO Short-Duration Collateral Share Fund	71	0	644	0
GMO Benchmark-Free Allocation Fund	77	50	57	0
GMO U.S. Quality Equity Fund	102366	127536	142103	0
GMO Global Growth Fund	0	0	0	0
GMO World Opportunity Overlay Fund	15400	0	31000	0
GMO World Opportunity Equity Allocation Fund	43	0	701	0
GMO Alternative Asset Opportunity Fund	0	0	0	0
GMO Strategic Opportunities Allocation Fund	10350	0	25	0
GMO Strategic Fixed Income Fund	27500	0	9130	0
GMO International Opportunity Equity Allocation Fund	52249	7167	97	0
GMO U.S. Core Equity Fund	87056	0	164864	0
GMO U.S. Growth Fund	678	0	735	0
GMO U.S. Value Fund	382	0	1816	531
GMO U.S. Small/Mid Cap Value Fund	0	0	614	502
GMO U.S. Small/Mid Cap Growth Fund	0	0	81	0
GMO U.S. Intrinsic Value Fund	0	0	1431	4
GMO International Core Equity Fund	41865	0	29578	0
GMO International Growth Equity Fund	69875	2461	49134	151898
GMO Special Situation Fund	5000	241000	0	0
December
Fund Name
GMO Developed World Stock Fund	92210	0	10742	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	997648	2253	156810	235948
GMO Short-Duration Investment Fund	363	0	939	27
GMO Tobacco-Free Core Fund	0	0	74	6
GMO International Small Companies Fund	141556	0	14564	30
GMO U.S. Equity Allocation Fund	12081	0	1591	0
GMO Emerging Markets Fund	2522769	65	75438	30800
GMO International Bond Fund	28810	0	49876	8000
GMO Emerging Country Debt Fund	214042	10	1837	0
GMO Alpha Only Fund	94601	17092	310	0
GMO Domestic Bond Fund	64158	67502	1528	2
GMO Currency Hedged International Bond Fund	2903	0	3354	0
GMO Currency Hedged International Equity Fund	15	0	147902	5250
GMO Global Bond Fund	46489	0	5245	5
GMO Real Estate Fund	2159	0	10	91
GMO Foreign Fund	683735	7	60019	20026
GMO Global Balanced Asset Allocation Fund	322932	24	18152	161
GMO International Equity Allocation Fund	75957	0	430	0
GMO Global (U.S.+) Equity Allocation Fund	44336	0	1592	0
GMO Inflation Indexed Plus Bond Fund	304621	17	68440	106952
GMO Core Plus Bond Fund	43722	17	25893	0
GMO Emerging Countries Fund	77104	10	12333	221
GMO Emerging Markets Opportunities Fund	90200	5702	2522	854
GMO Tax-Managed U.S. Equities Fund	2093	0	3607	0
GMO Tax-Managed International Equities Fund	98907	0	6818	0
GMO Tax-Managed Small/Mid Cap Fund	13	0	7651	0
GMO Foreign Small Companies Fund	143150	0	2250	7
GMO Taiwan Fund	58679	0	37052	0
GMO Short-Duration Collateral Fund	713974	8	324180	2000
GMO Short Duration Collateral Share Fund	2720	0	17071	0
GMO Benchmark-Free Allocation Fund	170606	276	14609	5
GMO U.S. Quality Equity Fund	242177	1022771	57224	2806
GMO Global Growth Fund	19791	0	0	0
GMO Alternative Asset Opportunity Fund	0	0	0	0
GMO Strategic Opportunities Allocation Fund	80926	0	94	13
GMO Strategic Fixed Income Fund	95550	101	5023	3999
GMO World Opportunity Overlay Fund	20500	0	63100	0
GMO World Opportunities Equity Allocation Fund	85356	18	14439	0
GMO International Opportunity Equity Allocation Fund	58075	0	4603	0
GMO U.S. Core Equity Fund	300833	11667	177268	54281
GMO U.S. Growth Fund	5460	0	49786	0
GMO U.S. Value Fund	199	0	296	60
GMO U.S. Small/Mid Cap Value Fund	2267	0	419	1165
GMO U.S. Small/Mid Cap Growth Fund	1907	0	20	1000
GMO U.S. Intrinsic Value Fund	3227	0	0	0
GMO International Core Equity Fund	419015	4	44929	292346
GMO International Growth Equity Fund	549127	20550	134562	251992
GMO Internation Equity Fund	75812	145	0	19
GMO Special Situations Fund	8981	22750	0	0
January
Fund Name
GMO Developed World Stock Fund	15069	0	146	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	130304	27	94830	147485
GMO Short-Duration Investment Fund	0	0	99	0
GMO Tobacco-Free Core Fund	3937	0	0	0
GMO International Small Companies Fund	33503	0	34073	102
GMO U.S. Equity Allocation Fund	4304	0	3010	0
GMO Emerging Markets Fund	51891	0	114173	5060
GMO International Bond Fund	14696	0	3076	650
GMO Emerging Country Debt Fund	3220	0	44077	0
GMO Alpha Only Fund	213169	1068	2721	0
GMO Domestic Bond Fund	32782	2110	24386	6660
GMO Currency Hedged International Bond Fund	85	125	13	4000
GMO Currency Hedged International Equity Fund	0	0	0	0
GMO Global Bond Fund	0	31	6	0
GMO Real Estate Fund	1	0	45	0
GMO Foreign Fund	22909	5000	58868	0
GMO Global Balanced Asset Allocation Fund	77072	0	3548	29
GMO International Equity Allocation Fund	25	0	54	29
GMO Global (U.S.+) Equity Allocation Fund	288	0	76	0
GMO Inflation Indexed Plus Bond Fund	89626	0	1170389	0
GMO Core Plus Bond Fund	0	0	10000	14000
GMO Emerging Countries Fund	3123	0	10175	401
GMO Emerging Markets Opportunities Fund	9791	0	1686	895
GMO Tax-Managed U.S. Equities Fund	0	449	0	0
GMO Tax-Managed International Equities Fund	24355	0	7289	288
GMO Tax-Managed Small/Mid Cap Fund	0	0	6002	449
GMO Foreign Small Companies Fund	0	0	3463	5000
GMO Taiwan Fund	0	0	21	0
GMO Short-Duration Collateral Fund	1043177	4	1078152	100
GMO Short-Duration Collateral Share Fund	1204	0	2247	0
GMO Benchmark-Free Allocation Fund	872	183	1339	93
GMO U.S. Quality Equity Fund	180612	612787	70872	10
GMO Global Growth Fund	166	0	0	0
GMO World Opportunity Overlay Fund	28850	0	10200	0
GMO World Opportunites Equity Allocation Fund	10153	0	7206	0
GMO Alternative Asset Opportunity Fund	7	0	0	0
GMO Strategic Opportunities Allocation Fund	50806	0	0	0
GMO Strategic Fixed Income Fund	978293	6695	0	0
GMO International Opportunity Equity Allocation Fund	15207	0	194	0
GMO U.S. Core Equity Fund	103980	310	101571	0
GMO U.S. Growth Fund	622	0	3270	0
GMO U.S. Value Fund	2317	0	10448	1651
GMO U.S. Small/Mid Cap Value Fund	5	0	527	32
GMO U.S. Small/Mid Cap Growth Fund	1	0	82	2
GMO U.S. Intrinsic Value Fund	0	58	2	0
GMO International Core Equity Fund	202466	0	51020	311027
GMO International Growth Equity Fund	107525	0	2895	152928
GMO Special Situation Fund	32303	22000	24100	0
February
Fund Name
GMO Developed World Stock Fund	3	0	147	0
GMO Special Purpose Holdings Fund	0	0	0	0
GMO International Intrinsic Value Fund	179672	0	182068	11020
GMO Short-Duration Investment Fund	469	0	1181	0
GMO Tobacco-Free Core Fund	0	0	0	0
GMO International Small Companies Fund	3239	0	365	0
GMO U.S. Equity Allocation Fund	0	0	218	0
GMO Emerging Markets Fund	233785	0	305691	120
GMO International Bond Fund	13256	19018	39487	0
GMO Emerging Country Debt Fund	2823	0	85821	39
GMO Alpha Only Fund	-32444	524238	86973	0
GMO Domestic Bond Fund	19643	4124	16594	13260
GMO Currency Hedged International Bond Fund	43	0	34090	0
GMO Currency Hedged International Equity Fund	2	0	0	0
GMO Global Bond Fund	250	0	0	0
GMO Real Estate Fund	0	95	2572	0
GMO Foreign Fund	368497	7000	411395	0
GMO Global Balanced Asset Allocation Fund	86972	0	542603	6980
GMO International Equity Allocation Fund	4	0	4532	0
GMO Global (U.S.+) Equity Allocation Fund	4942	0	0	0
GMO Inflation Indexed Plus Bond Fund	25809	85	-870070	3129013
GMO Core Plus Bond Fund	7578	0	16657	0
GMO Emerging Countries Fund	6273	0	8142	746
GMO Emerging Markets Opportunities Fund	2	0	3517	35
GMO Tax-Managed U.S. Equities Fund	0	0	0	500
GMO Tax-Managed International Equities Fund	12897	0	53496	0
GMO Tax-Managed Small/Mid Cap Fund	0	0	0	0
GMO Foreign Small Companies Fund	3500	0	2250	7000
GMO Taiwan Fund	18	0	0	0
GMO Short-Duration Collateral Fund	1891409	0	1928480	0
GMO Short-Duration Collateral Share Fund	25	0	101	0
GMO Benchmark-Free Allocation Fund	16	197	354	0
GMO U.S. Quality Equity Fund	640846	132165	551814	33
GMO Global Growth Fund	5055	0	0	0
GMO Alternative Asset Opportunity Fund	0	0	0	0
GMO World Opportunity Overlay Fund	576980	0	703180	0
GMO World Opportunites Equity Allocation Fund	2	0	7270	0
GMO Strategic Opportunities Allocation Fund	2	6973	1424	0
GMO Strategic Fixed Income Fund	-432561	2595052	246348	0
GMO International Opportunity Equity Allocation Fund	15753	0	627	0
GMO U.S. Core Equity Fund	138682	0	81170	18535
GMO U.S. Growth Fund	2433	0	2172	15
GMO U.S. Value Fund	0	0	0	0
GMO U.S. Small/Mid Cap Value Fund	0	0	4111	0
GMO U.S. Small/Mid Cap Growth Fund	2	0	3818	0
GMO U.S. Intrinsic Value Fund	0	0	0	0
GMO International Core Equity Fund	91445	0	150174	0
GMO International Growth Equity Fund	147279	0	107723	11000
GMO Special Situations	0	0	27922	0

EX-99

Grantham, Mayo, Van Otterloo & Co. LLC

MEMORANDUM

To:               David Lyons

Matthew Dunlap

From:               Judith Lyden

cc:               Andy Luu

Date:               April 24, 2008

Re:               GMO Trust - Item 77 Attachments - Form N-SAR

For Period September 1, 2007 through February 29, 2008 (and current)

Item 7

As a reminder to update your report under Item #7:

·   GMO U.S. Value Fund – liquidation of the fund was effective January 15, 2008

·   GMO Tax-Managed Small/Mid Cap Fund – liquidation of the fund was effective    January 15, 2008

·   GMO Global (U.S.+) Equity Allocation Fund will change its name to:  GMO Global Equity Allocation Fund, effective June 1, 2008  (also, see benchmark change below)

·   GMO International Small Companies Fund – effective June 1, 2008, the benchmark will change to the MSCI EAFE Small Cap Index.

Item 77D: Policies with respect to security investments

·    GMO Global (U.S.+) Equity Allocation Fund – effective June 1, 2008, the section captioned “Benchmark” on page 80 of the prospectus is replaced with the following paragraph:  “The Fund’s benchmark is the MSCI ACWI (All Country World Index), a global developed and emerging markets equity index that is independently maintained and published by Morgan Stanley Capital International.  On an annualized basis, the Fund seeks to outperform its benchmark by 2.5%-3.5%, net of fees, over a complete market cycle, with lower volatility than that of its benchmark.  The investment objective of each of the funds has been changed from “High total return” to “Total return in excess of that of its benchmark”.

·   GMO International Small Companies Fund – effective June 1, 2008, the benchmark will change to the MSCI EAFE Small Cap Index.

Item 77E: Legal Proceedings

Series 15 – GMO Emerging Markets Fund

Indian regulators have alleged that the Fund violated certain conditions under which it was granted permission to operate in India and have restricted a portion of the Fund’s locally held assets pending resolution of the dispute.  The amount of restricted assets is small relative to the size of the Fund, representing approximately 0.0481% of the Fund’s total assets as of February 29, 2008.  The valuation of this possible claim and all matters relating to the Fund's response to these allegations are subject to the supervision and control the Trust's Board of Trustees, and all costs in respect of this matter are being borne by the Fund.

Series 41 – GMO Special Purpose Holding Fund

As disclosed in the Fund’s financial statements, the Fund was among numerous plaintiffs that filed claims in the Arizona Superior Court on May 23, 2003 against various defendants, including J.P. Morgan Chase Bank, Credit Suisse First Boston Corp., and Deloitte & Touche in connection with the default of two asset-backed securities, NPF VI Trust and NPF XII Trust, held by the Fund.  The litigation was removed to federal court and now resides in the U.S. District Court for the Southern District of Ohio.  All claims have been settled with J.P. Morgan Chase Bank and Deloitte & Touche.  Registrant considers this litigation routine litigation incidental to its business.

Item 77I:  Terms of new or amended securities

·   Effective January 15, 2008, GMO US Value Fund was liquidated

·   Effective January 15, 2008, GMO Tax-Managed Small/Mid Cap Fund was liquidated

·   Effective June 1, 2008, GMO Global (U.S.+) Equity Allocation Fund will change its name to:  GMO Global Equity Allocation Fund

Item 77Q1:  Exhibits

(a) Since Amendment No. 33 (provided in Oct 2007), there have been no further Amendments to the Declaration of Trust; and

(c) Attached is a copy of each of our most recent Supplement dated March 17, 2008 to the GMO Trust Prospectus and SAI, dated June 30, 2007

Item 81:  Joint Fidelity Bond

·   Yes

EX-99

GMO Trust
FYE 2/29/08
Attachment Filed in Response to Form N-SAR Sub-Item 77P
GMO Fund of Fund Allocation %
March, 2007
	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
Name of Fund Owned	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Alpha Only (Class IV)			15,099,087.32	4.22%	383,973,547.32	12.32%					299,672,382.58	22.90%
Alternative Asset Opportunity (ALTO)					62,175,197.93	1.99%					52,625,241.83	4.02%
Core Plus Bond Fund (Class IV)					218,731,092.81	7.02%			26,016,416.83	4.85%
Currency Hedged International Bond Fund
Currency Hedged International Equity Fund			13,541,134.56	3.78%			64,140,498.35	6.94%
Domestic Bond Fund (Class VI)					23,768,788.12	0.76%
Emerging Countries Fund	19,367,835.65	2.48%	6,719,308.98	1.88%	22,793,873.51	0.73%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,640,631.08	0.46%	12,003,857.17	0.39%			1,766,796.94	0.33%	27,723,539.28	2.12%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	151,550,958.60	19.44%	42,571,925.50	11.89%	286,081,279.70	9.18%					284,025,800.23	21.71%
Emerging Markets Quality( Class VI)							69,216,956.61	7.49%	45,807,594.32	8.54%			34,897,055.04	7.08%
Inflation Indexed Plus Bond Fund (Class VI)			4,198,239.37	1.17%	215,450,352.73	6.91%			27,654,065.69	5.15%	162,073,510.72	12.39%
International Bond Fund (Class III)					20,155,778.66	0.65%			4,150,235.71	0.77%
International Core Equity (VI)
International Growth Equity Fund (Class III)	303,476,141.92	38.93%	48,281,509.97	13.49%	280,401,598.75	9.00%	243,216,004.24	26.30%	106,842,212.37	19.91%	40,158,807.86	3.07%	229,226,305.83	46.47%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	305,120,646.70	39.14%	48,129,127.90	13.45%	281,349,605.00	9.03%	243,998,919.92	26.39%	107,576,966.37	20.05%	39,891,757.28	3.05%	229,117,746.01	46.45%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			136,159.47	0.04%	3,509,166.04	0.11%
SPV			66.60	0.00%
Strategic Fixed Income (Class VI)			7,986,652.29	2.23%	533,287,276.95	17.11%			127,345,283.55	23.73%	231,591,895.87	17.70%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)			136,115,109.35	38.03%
U.S. Core Equity Fund (Class VI)					493,772,455.72	15.84%	219,821,484.19	23.77%	42,668,255.26	7.95%					108,215,299.24	75.56%
U.S. Growth Fund			43,565.56	0.01%
U.S. Quality Equity Fund (Class VI)			33,392,881.90	9.33%	279,414,121.43	8.96%	84,344,020.45	9.12%	46,755,717.69	8.71%	170,797,302.02	13.05%			26,325,014.24	18.38%
U.S Small/Mid Cap Growth Fund (III)															4,346,141.52	3.03%
U.S. Small/Mid Cap Value Fund															4,336,252.63	3.03%
U.S. Value Fund (III)			68,401.99	0.02%	379,329.32	0.01%
	779,515,582.87	100.00%	357,923,801.84	100.00%	3,117,247,321.16	100.00%	924,737,883.76	100.00%	536,583,544.73	100.00%	1,308,560,237.67	100.00%	493,241,106.88	100.00%	143,222,707.63	100.00%
Total Market Value
GMO Fund of Fund Allocation %
April, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			15,070,189.55	4.05%	386,319,406.35	12.03%					299,098,846.92	22.50%
Alternative Asset Opportunity (ALTO)					62,785,827.72	1.95%					53,142,080.40	4.00%
Core Plus Bond Fund (Class (IV)					222,201,305.85	6.92%			27,042,269.86	4.88%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund			13,861,845.64	3.72%			65,659,615.42	6.87%
Domestic Bond Fund (Class VI)					24,907,577.73	0.78%
Emerging Countries Fund	20,064,520.39	2.49%	6,961,010.75	1.87%	23,613,797.01	0.74%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,672,326.80	0.45%	12,235,762.41	0.38%			1,800,930.09	0.32%	28,259,136.63	2.13%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	156,918,693.05	19.48%	43,078,227.84	11.56%	297,144,210.02	9.25%					294,107,986.51	22.13%
Emerging Markets Quality( Class VI)							71,089,266.51	7.44%	47,046,683.94	8.48%			38,081,652.00	6.77%
Inflation Indexed Plus Bond Fund (Class VI)			4,209,823.00	1.13%	216,381,513.56	6.74%			28,057,747.61	5.06%	162,520,698.18	12.23%
International Bond Fund (Class III)					19,855,508.51	0.62%			4,163,045.07	0.75%
International Core Equity (VI)					440,209,062.67	13.71%
International Growth Equity Fund (Class III)	313,290,047.01	38.89%	48,834,653.13	13.11%	290,044,617.78	9.03%	251,081,198.41	26.27%	111,742,582.41	20.14%	41,083,987.77	3.09%	261,776,705.43	46.56%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	315,340,897.19	39.14%	48,792,380.68	13.10%	291,372,859.05	9.07%	252,240,300.93	26.39%	112,244,294.70	20.24%	41,228,937.14	3.10%	262,366,551.70	46.67%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			136,735.92	0.04%	3,524,022.47	0.11%
SPV			68.35	0.00%
Strategic Fixed Income (Class VI)			8,005,660.58	2.15%	543,944,018.36	16.94%			127,648,366.33	23.01%	232,143,086.42	17.47%
U.S Small/Mid Cap Growth Fund (III)															4,475,715.16	3.01%
U.S Small/Mid Cap Value Fund															4,456,649.69	3.00%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			144,585,227.22	38.81%	83,163,543.44	2.59%	228,072,540.45	23.86%	44,269,819.26	7.98%					112,266,946.83	75.57%
U.S. Growth Fund (III)			19,827.78	0.01%
U.S. Quality Equity Fund (Class VI)			37,244,555.39	10.00%	293,823,622.83	9.15%	87,680,613.74	9.17%	50,684,461.42	9.14%	177,553,929.56	13.36%			27,366,414.26	18.42%
U.S. Value Fund (III)			45,400.64	0.01%	392,933.71	0.01%
	805,614,157.64	100.00%	372,517,933.27	100.00%	3,211,919,589.47	100.00%	955,823,535.46	100.00%	554,700,200.69	100.00%	1,329,138,689.53	100.00%	562,224,909.13	100.00%	148,565,725.94	100.00%
Total Market Value
GMO Fund of Fund Allocation %
May, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			15,272,473.97	3.95%	391,504,901.74	11.86%					300,835,833.49	22.33%
Alternative Asset Opportunity (ALTO)					62,807,635.93	1.90%					50,409,583.72	3.74%
Core Plus Bond Fund (Class (IV)					223,187,503.88	6.76%			27,016,416.83	4.68%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund			14,068,996.20	3.64%			68,697,849.55	6.98%
Domestic Bond Fund (Class VI)					23,712,791.99	0.72%
Emerging Countries Fund	21,353,387.15	2.55%	7,408,159.01	1.91%	25,130,655.50	0.76%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,688,929.33	0.44%	12,357,236.59	0.37%			1,818,809.36	0.32%	26,772,313.98	1.99%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	167,849,977.38	20.04%	45,818,588.93	11.84%	319,405,049.54	9.68%					311,252,193.92	23.11%
Emerging Markets Quality( Class VI)							73,880,533.51	7.50%	49,060,204.57	8.51%			38,275,142.80	6.57%
Inflation Indexed Plus Bond Fund (Class VI)			4,189,965.35	1.08%	222,119,671.24	6.73%			27,925,399.74	4.84%	159,265,883.57	11.82%
International Bond Fund (Class III)					19,824,527.40	0.60%			5,078,318.19	0.88%
International Core Equity (VI)					456,614,028.87	13.84%
International Growth Equity Fund (Class III)	324,251,581.53	38.72%	50,540,924.14	13.06%	298,534,457.00	9.05%	259,448,487.25	26.35%	115,646,841.31	20.05%	40,967,042.76	3.04%	272,568,300.43	46.81%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	324,073,615.90	38.69%	50,151,354.33	12.96%	297,796,084.31	9.02%	259,330,117.72	26.33%	115,350,463.33	20.00%	40,823,984.40	3.03%	271,477,028.21	46.62%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			137,342.96	0.04%	3,539,667.41	0.11%
SPV			68.35	0.00%
Strategic Fixed Income (Class VI)			8,072,189.62	2.09%	551,137,411.92	16.70%			134,992,117.62	23.41%	234,072,253.35	17.38%
U.S Small/Mid Cap Growth Fund (III)															4,337,837.00	3.05%
U.S Small/Mid Cap Value Fund															4,281,456.18	3.01%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			150,147,292.61	38.80%	83,156,105.02	2.52%	232,976,842.05	23.66%	45,542,462.94	7.90%					107,077,734.20	75.28%
U.S. Growth Fund (III)			20,347.53	0.01%
U.S. Quality Equity Fund (Class VI)			39,418,172.73	10.19%	308,453,186.95	9.35%	90,424,255.69	9.18%	54,270,444.99	9.41%	182,624,875.57	13.56%			26,543,739.08	18.66%
U.S. Value Fund (III)			46,900.49	0.01%	405,914.56	0.01%
	837,528,561.96	100.00%	386,981,705.55	100.00%	3,299,686,829.85	100.00%	984,758,085.77	100.00%	576,701,478.88	100.00%	1,347,023,964.76	100.00%	582,320,471.44	100.00%	142,240,766.46	100.00%
Total Market Value
GMO Fund of Fund Allocation %
June, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			11,888,065.07	3.09%	311,968,041.96	9.30%					269,612,736.68	19.99%
Alternative Asset Opportunity (ALTO)					62,262,430.76	1.86%					49,972,000.53	3.71%
Core Plus Bond Fund (Class (IV)					226,316,310.36	6.75%			27,068,122.89	4.68%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund			13,969,969.44	3.63%			68,192,259.49	7.03%
Domestic Bond Fund (Class VI)					23,688,570.55	0.71%
Emerging Countries Fund	22,345,022.72	2.63%	7,754,598.20	2.02%	26,305,879.20	0.78%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,663,270.88	0.43%	12,169,503.77	0.36%			1,791,177.76	0.31%	26,365,585.35	1.96%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	175,916,087.34	20.72%	47,977,534.58	12.48%	334,545,946.85	9.97%					320,163,524.20	23.74%
Emerging Markets Quality( Class VI)							75,543,891.78	7.79%	51,422,219.16	8.88%			42,585,535.01	6.74%
Inflation Indexed Plus Bond Fund (Class VI)			6,532,230.57	1.70%	410,015,696.60	12.22%			53,133,356.28	9.18%	227,093,017.79	16.84%
International Bond Fund (Class III)					19,763,078.19	0.59%			5,067,727.32	0.88%
International Core Equity (VI)					465,024,343.69	13.86%
International Growth Equity Fund (Class III)	324,912,163.91	38.28%	50,293,787.08	13.09%	299,043,710.33	8.91%	255,753,662.70	26.36%	115,882,443.14	20.02%	39,046,428.46	2.90%	294,816,883.80	46.66%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	325,672,518.45	38.37%	50,049,719.08	13.02%	298,830,080.79	8.91%	255,859,011.44	26.37%	115,921,505.23	20.03%	39,016,182.35	2.89%	294,420,457.00	46.60%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			137,950.00	0.04%	3,555,312.35	0.11%
SPV			68.35	0.00%
Strategic Fixed Income (Class VI)			8,122,878.41	2.11%	472,855,075.30	14.09%			110,878,732.65	19.16%	199,109,938.49	14.76%
U.S Small/Mid Cap Growth Fund (III)															4,255,312.30	3.05%
U.S Small/Mid Cap Value Fund															4,185,243.68	3.00%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			147,450,035.86	38.36%	84,096,415.93	2.51%	227,180,660.16	23.41%	44,724,334.86	7.73%					105,154,182.09	75.39%
U.S. Growth Fund (III)			20,026.83	0.01%
U.S. Quality Equity Fund (Class VI)			38,441,141.09	10.00%	304,304,780.01	9.07%	87,714,126.74	9.04%	52,925,280.12	9.14%	178,178,005.11	13.21%			25,885,817.34	18.56%
U.S. Value Fund (III)			45,765.47	0.01%	295,377.56	0.01%
	848,845,792.42	100.00%	384,347,040.91	100.00%	3,355,040,554.20	100.00%	970,243,612.31	100.00%	578,814,899.41	100.00%	1,348,557,418.96	100.00%	631,822,875.81	100.00%	139,480,555.41	100.00%
Total Market Value
GMO Fund of Fund Allocation %
July, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund/4061		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			9,041,503.22	2.40%	268,226,232.47	7.70%					239,999,384.40	17.73%
Alternative Asset Opportunity (ALTO)					62,393,280.00	1.79%					50,077,020.49	3.70%
Core Plus Bond Fund (Class (IV)					232,267,306.26	6.67%			26,898,961.94	4.70%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund			13,526,389.80	3.60%			65,118,503.05	6.90%
Domestic Bond Fund (Class VI)					25,960,632.58	0.75%
Emerging Countries Fund	23,559,315.10	2.78%	8,176,005.23	2.17%	27,735,415.82	0.80%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,640,018.38	0.44%	11,999,374.38	0.34%			1,766,137.14	0.31%	25,996,995.04	1.92%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	179,694,470.35	21.22%	36,490,892.30	9.70%	362,897,565.41	10.42%					247,054,118.07	18.25%
Emerging Markets Quality( Class VI)							71,728,612.09	7.60%	53,250,045.06	9.30%			44,583,723.65	6.72%
Inflation Indexed Plus Bond Fund (Class VI)			13,650,116.31	3.63%	597,487,660.96	17.16%			78,776,331.36	13.75%	296,468,297.83	21.90%
International Bond Fund (Class III)					21,678,305.12	0.62%			5,171,027.08	0.90%
International Core Equity (VI)					473,729,065.87	13.60%
International Growth Equity Fund (Class III)	321,756,985.06	37.99%	45,587,752.67	12.12%	304,187,663.17	8.73%	235,243,720.97	24.93%	114,053,211.82	19.91%	37,777,870.53	2.79%	309,078,041.55	46.58%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	321,863,652.24	38.01%	44,985,918.73	11.96%	301,973,808.79	8.67%	233,618,584.73	24.76%	113,399,518.78	19.80%	37,498,360.01	2.77%	309,924,847.65	46.70%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			138,118.45	0.04%	3,559,653.81	0.10%
SPV			68.35	0.00%
Strategic Fixed Income (Class VI)			4,109,783.93	1.09%	385,965,532.42	11.08%			85,515,562.67	14.93%	164,426,310.90	12.15%
U.S Small/Mid Cap Growth Fund (III)															3,788,079.13	2.95%
U.S Small/Mid Cap Value Fund															3,577,930.15	2.78%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			151,499,136.35	40.27%	91,200,169.05	2.62%	235,286,038.55	24.93%	42,661,120.47	7.45%					96,042,549.70	74.73%
U.S. Growth Fund (III)			19,379.65	0.01%
U.S. Quality Equity Fund (Class VI)			47,320,640.84	12.58%	311,182,032.94	8.94%	102,662,075.16	10.88%	51,348,911.31	8.96%	254,541,846.40	18.80%			25,114,813.50	19.54%
U.S. Value Fund (III)			27,753.77	0.01%	279,404.56	0.01%
	846,874,422.75	100.00%	376,213,477.98	100.00%	3,482,723,103.61	100.00%	943,657,534.55	100.00%	572,840,827.63	100.00%	1,353,840,203.67	100.00%	663,586,612.85	100.00%	128,523,372.48	100.00%
Total Market Value
GMO Fund of Fund Allocation %
August, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			9,116,988.87	2.42%	370,562,130.78	10.37%					273,083,098.69	20.21%
Alternative Asset Opportunity (ALTO)											17,850,261.40	1.32%
Core Plus Bond Fund (Class (IV)					58,033,301.02	1.62%			16,831,094.63	2.96%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund			13,400,576.55	3.55%			62,635,156.51	6.73%
Domestic Bond Fund (Class VI)					28,968,189.96	0.81%
Emerging Countries Fund	23,217,685.32	2.78%	8,057,446.32	2.14%	27,333,229.09	0.77%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,635,301.17	0.43%	11,964,860.36	0.33%			1,761,057.17	0.31%	25,922,219.41	1.92%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	175,017,051.17	20.97%	35,646,058.49	9.45%	354,495,793.99	9.92%					241,334,343.61	17.86%
Emerging Markets Quality( Class VI)							70,079,662.57	7.53%	53,250,045.06	9.36%			44,788,990.16	6.75%
Inflation Indexed Plus Bond Fund (Class VI)			13,532,764.78	3.59%	592,555,594.85	16.59%			74,872,066.31	13.16%	293,947,266.86	21.75%
International Bond Fund (Class III)					21,724,380.15	0.61%			5,182,017.57	0.91%
International Core Equity (VI)					491,476,986.50	13.76%
International Growth Equity Fund (Class III)	319,321,703.75	38.25%	45,300,875.62	12.00%	302,303,025.09	8.46%	229,732,762.24	24.68%	113,495,664.80	19.95%			310,362,833.51	46.74%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	317,214,005.89	38.00%	44,206,893.37	11.71%	298,283,787.91	8.35%	226,456,486.00	24.33%	112,017,721.23	19.69%			308,879,355.90	46.52%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			137,661.10	0.04%	3,547,866.88	0.10%
SPV			68.35	0.00%
Special Situation Fund					179,220,000.00	5.02%			29,870,000.00	5.25%	77,534,517.48	5.74%
Strategic Fixed Income (Class VI)			4,069,523.51	1.08%	396,961,870.69	11.11%			65,863,960.36	11.58%	162,260,959.26	12.01%
U.S Small/Mid Cap Growth Fund (III)															3,825,176.75	3.02%
U.S Small/Mid Cap Value Fund															3,562,237.47	2.81%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			153,973,909.17	40.80%	96,685,784.06	2.71%	236,936,698.12	25.46%	43,357,999.56	7.62%					94,142,871.90	74.39%
U.S. Growth Fund (III)			19,758.33	0.01%
U.S. Quality Equity Fund (Class VI)			48,251,042.10	12.79%	337,437,523.03	9.45%	104,883,306.88	11.27%	52,358,514.96	9.20%	259,546,555.77	19.20%			25,020,374.30	19.77%
U.S. Value Fund (III)			28,264.74	0.01%	284,548.63	0.01%
	834,770,446.13	100.00%	377,377,132.47	100.00%	3,571,838,872.99	100.00%	930,724,072.32	100.00%	568,860,141.65	100.00%	1,351,479,222.48	100.00%	664,031,179.57	100.00%	126,550,660.42	100.00%
Total Market Value
GMO Fund of Fund Allocation %
September, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund/4061		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			9,167,312.64	2.35%	377,175,292.04	10.21%			65,274,304.93	6.19%	274,590,457.10	19.88%
Alternative Asset Opportunity (ALTO)											18,588,980.74	1.35%
Core Plus Bond Fund (Class (IV)					57,963,070.60	1.57%			26,858,142.10	2.55%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund			13,796,830.16	3.53%			62,463,493.28	6.50%
Domestic Bond Fund (Class VI)					29,084,879.55	0.79%
Emerging Countries Fund	25,622,233.38	2.88%	8,891,918.69	2.28%	30,164,004.94	0.82%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,687,190.53	0.43%	12,344,514.58	0.33%			1,816,936.87	0.17%	26,744,751.37	1.94%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	191,859,124.38	21.58%	39,046,905.16	10.00%	389,134,676.15	10.54%					264,805,291.37	19.17%
Emerging Markets Quality( Class VI)							75,962,052.16	7.90%	104,116,618.82	9.87%			49,209,123.59	6.99%
Inflation Indexed Plus Bond Fund (Class VI)			13,603,974.65	3.48%	595,673,643.18	16.13%			135,581,767.87	12.86%	295,142,185.97	21.37%
International Bond Fund (Class III)					22,231,205.56	0.60%			5,302,913.00	0.50%
International Core Equity (VI)					519,296,438.56	14.06%
International Growth Equity Fund (Class III)	336,959,439.90	37.90%	47,579,128.58	12.18%	321,165,777.85	8.70%	242,009,507.64	25.16%	211,415,861.59	20.05%			328,340,234.84	46.66%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	334,559,920.87	37.63%	46,666,871.26	11.95%	314,882,364.92	8.52%	236,512,483.41	24.59%	209,036,799.46	19.82%			326,187,513.29	46.35%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			138,118.45	0.04%	3,559,653.81	0.10%
SPV			82.38	0.00%
Special Situation Fund					173,826,000.00	4.71%			50,308,864.08	4.77%	75,200,954.33	5.44%
Strategic Fixed Income (Class VI)			4,069,895.59	1.04%	399,442,429.95	10.81%			65,869,982.50	6.25%	161,952,443.74	11.73%
U.S Small/Mid Cap Growth Fund (III)															3,890,176.95	2.95%
U.S Small/Mid Cap Value Fund															3,534,775.29	2.68%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			156,663,879.63	40.12%	98,374,913.76	2.66%	237,559,484.45	24.70%	74,639,585.86	7.08%					97,832,519.98	74.24%
U.S. Growth Fund (III)			20,370.91	0.01%
U.S. Quality Equity Fund (Class VI)			49,148,164.49	12.59%	349,067,612.02	9.45%	107,205,064.48	11.15%	104,255,436.20	9.89%	264,165,730.12	19.13%			26,514,281.16	20.12%
U.S. Value Fund (III)			28,388.91	0.01%	285,798.67	0.01%
	889,000,718.53	100.00%	390,509,032.03	100.00%	3,693,672,276.14	100.00%	961,712,085.42	100.00%	1,054,477,213.28	100.00%	1,381,190,794.74	100.00%	703,736,871.72	100.00%	131,771,753.38	100.00%
Total Market Value
GMO Fund of Fund Allocation %
October, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			9,287,422.45	2.32%	419,836,750.09	10.70%			70,788,234.67	6.43%	348,083,459.65	20.48%
Alternative Asset Opportunity (ALTO)											22,548,257.48	1.33%
Core Plus Bond Fund (Class (IV)					57,406,206.47	1.46%			26,831,094.62	2.44%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund			12,675,753.86	3.16%			70,340,343.76	6.37%
Domestic Bond Fund (Class VI)					29,229,896.07	0.74%
Emerging Countries Fund	28,815,157.84	3.07%	9,999,988.55	2.50%	33,922,904.01	0.86%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,734,362.68	0.43%	12,689,654.78	0.32%			1,867,736.59	0.17%	33,555,074.66	1.97%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	213,336,237.35	22.71%	43,439,681.99	10.84%	435,639,319.46	11.10%					351,933,627.40	20.70%
Emerging Markets Quality( Class VI)							92,728,293.07	8.39%	115,512,115.51	10.49%			54,595,030.39	7.42%
Inflation Indexed Plus Bond Fund (Class VI)			13,646,991.17	3.41%	600,955,946.77	15.31%			136,010,484.92	12.35%	358,895,943.53	21.11%
International Bond Fund (Class III)					21,910,313.61	0.56%			5,346,874.97	0.49%
International Core Equity (VI)					548,450,496.50	13.97%
International Growth Equity Fund (Class III)	351,898,098.50	37.46%	48,480,904.67	12.10%	327,337,483.18	8.34%	277,190,362.81	25.09%	221,751,103.37	20.14%			343,134,944.14	46.64%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	345,449,533.71	36.77%	47,156,100.77	11.77%	321,802,683.43	8.20%	268,025,598.37	24.26%	216,338,175.72	19.65%			338,002,824.06	45.94%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			138,606.01	0.03%	3,572,219.47	0.09%
SPV			47.32	0.00%
Special Situation Fund					184,567,707.79	4.70%			49,359,361.95	4.48%	73,055,581.76	4.30%
Strategic Fixed Income (Class VI)			4,066,657.81	1.01%	432,546,857.42	11.02%			68,873,041.27	6.25%	189,357,313.08	11.14%
U.S Small/Mid Cap Growth Fund (III)															2,723,720.13	2.50%
U.S Small/Mid Cap Value Fund															2,663,197.95	2.44%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			159,460,436.05	39.79%	99,148,159.49	2.53%	266,895,402.75	24.15%	75,971,953.06	6.90%					76,221,033.15	69.96%
U.S. Growth Fund (III)			20,969.38	0.01%
U.S. Quality Equity Fund (Class VI)			50,624,101.73	12.63%	395,260,387.07	10.07%	129,794,354.06	11.75%	112,536,416.66	10.22%	322,433,478.93	18.97%			27,341,092.34	25.10%
U.S. Value Fund (III)			28,334.89	0.01%	285,254.81	0.01%
	939,499,027.40	100.00%	400,760,359.33	100.00%	3,924,562,240.42	100.00%	1,104,974,354.82	100.00%	1,101,186,593.31	100.00%	1,699,862,736.49	100.00%	735,732,798.59	100.00%	108,949,043.57	100.00%
Total Market Value
GMO Fund of Fund Allocation %
November, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			9,287,422.45	2.42%	464,974,587.98	11.97%			74,109,956.62	6.84%	348,097,000.33	20.96%
Alternative Asset Opportunity (ALTO)											22,112,469.77	1.33%
Core Plus Bond Fund (Class (IV)					57,116,860.67	1.47%			26,695,857.25	2.46%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund			12,096,658.50	3.16%			66,440,515.21	6.28%
Domestic Bond Fund (Class VI)					29,699,924.55	0.76%
Emerging Countries Fund	26,226,655.29	3.12%	9,101,676.77	2.37%	30,875,566.08	0.79%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,704,486.99	0.44%	12,471,065.99	0.32%			1,835,563.43	0.17%	32,977,063.40	1.99%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	183,003,846.57	21.74%	39,446,248.51	10.29%	395,590,760.98	10.18%					315,021,000.68	18.97%
Emerging Markets Quality( Class VI)							85,796,398.62	8.11%	106,877,018.64	9.87%			55,284,512.58	7.24%
Inflation Indexed Plus Bond Fund (Class VI)			13,845,942.58	3.61%	599,813,939.11	15.44%			137,993,301.29	12.74%	364,095,741.64	21.93%
International Bond Fund (Class III)					22,000,386.84	0.57%			5,368,855.96	0.50%
International Core Equity (VI)					524,013,391.41	13.49%
International Growth Equity Fund (Class III)	316,615,053.19	37.61%	46,798,096.40	12.21%	294,663,592.01	7.58%	267,568,879.14	25.29%	214,053,957.64	19.76%			355,364,103.84	46.51%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	315,979,704.28	37.54%	45,056,847.79	11.75%	294,898,345.61	7.59%	256,093,875.30	24.21%	208,707,426.95	19.27%			353,357,352.67	46.25%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			137,836.83	0.04%	3,552,395.83	0.09%
SPV			47.32	0.00%
Special Situation Fund					197,860,927.94	5.09%			54,105,787.04	5.00%	77,120,498.21	4.64%
Strategic Fixed Income (Class VI)			4,008,377.68	1.05%	443,199,082.69	11.41%			67,886,007.24	6.27%	186,643,593.62	11.24%
U.S Small/Mid Cap Growth Fund (III)															2,532,939.42	2.42%
U.S Small/Mid Cap Value Fund															2,467,418.69	2.36%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			151,731,655.87	39.58%	92,403,406.76	2.38%	255,503,525.81	24.15%	72,729,247.74	6.72%					72,879,478.34	69.61%
U.S. Growth Fund (III)			20,076.59	0.01%
U.S. Quality Equity Fund (Class VI)			50,115,165.50	13.07%	421,750,525.41	10.86%	126,549,461.72	11.96%	112,685,558.53	10.40%	314,355,117.08	18.93%			26,812,991.14	25.61%
U.S. Value Fund (III)			26,903.28	0.01%	270,842.51	0.01%
	841,825,259.33	100.00%	383,377,443.06	100.00%	3,885,155,602.37	100.00%	1,057,952,655.80	100.00%	1,083,048,538.33	100.00%	1,660,422,484.73	100.00%	764,005,969.09	100.00%	104,692,827.59	100.00%
Total Market Value
GMO Fund of Fund Allocation %
December, 2007	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			22,358,764.90	5.88%	479,515,784.47	12.38%			74,663,872.89	6.99%	351,377,302.75	21.28%
Alternative Asset Opportunity (ALTO)											22,728,583.43	1.38%
Core Plus Bond Fund (Class (IV)					56,230,908.42	1.45%			26,268,248.71	2.46%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund
Domestic Bond Fund (Class VI)					36,667,822.97	0.95%
Emerging Countries Fund	26,164,752.69	3.19%	9,080,194.15	2.39%	30,802,690.69	0.80%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,732,981.25	0.46%	12,679,547.39	0.33%			1,866,248.93	0.17%	33,528,347.78	2.03%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	182,429,554.70	22.23%	39,300,964.51	10.33%	396,662,474.82	10.24%					310,345,937.85	18.80%
Emerging Markets Quality( Class VI)							85,661,759.42	8.30%	106,306,290.35	9.95%			55,923,718.85	7.52%
Inflation Indexed Plus Bond Fund (Class VI)					584,477,148.01	15.09%			135,144,476.48	12.64%	352,407,881.97	21.35%
International Bond Fund (Class III)					21,646,368.17	0.56%			5,282,463.15	0.49%
International Core Equity (VI)					465,513,043.69	12.02%
International Growth Equity Fund (Class III)	305,880,600.87	37.27%	31,480,473.74	8.27%	249,944,822.74	6.45%	246,659,977.81	23.90%	185,392,621.65	17.35%			344,613,866.78	46.33%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	306,250,394.93	37.31%	31,328,870.32	8.23%	249,366,614.39	6.44%	246,118,299.33	23.85%	182,729,276.45	17.10%			343,329,896.51	46.15%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			137,706.07	0.04%	3,549,025.81	0.09%
SPV			47.32	0.00%
Special Situation Fund					203,819,030.38	5.26%			54,343,440.57	5.08%	77,864,558.83	4.72%
Strategic Fixed Income (Class VI)					441,593,203.43	11.40%			67,793,097.23	6.34%	186,388,149.86	11.29%
U.S Small/Mid Cap Growth Fund (III)															1,517,754.90	1.45%
U.S Small/Mid Cap Value Fund															1,429,511.20	1.36%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			148,221,890.55	38.96%	87,304,517.01	2.25%	250,511,312.60	24.27%	72,826,034.17	6.81%	3,090.67				70,495,187.71	67.28%
U.S. Growth Fund (III)			20,145.03	0.01%
U.S. Quality Equity Fund (Class VI)			96,773,408.50	25.44%	553,780,148.74	14.30%	203,049,535.84	19.68%	156,221,469.55	14.62%	316,341,756.96	19.16%			31,342,435.25	29.91%
U.S. Value Fund (III)			26,517.81	0.01%	266,961.86	0.01%
	820,725,303.19	100.00%	380,461,964.15	100.00%	3,873,820,112.99	100.00%	1,032,000,885.00	100.00%	1,068,837,540.13	100.00%	1,650,985,610.10	100.00%	743,867,482.14	100.00%	104,784,889.06	100.00%
Total Market Value
GMO Fund of Fund Allocation %
January, 2008	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only (Class IV)			22,542,703.55	6.33%	505,895,672.45	13.23%			82,953,482.78	7.90%	354,413,181.25	22.02%
Alternative Asset Opportunity (ALTO)											23,276,845.09	1.45%
Core Plus Bond Fund (Class (IV)					57,480,038.43	1.50%			26,851,779.35	2.56%
Currency Hedged International Bond Fund (CHIBF)
Currency Hedged International Equity Fund
Domestic Bond Fund (Class VI)					54,627,933.76	1.43%
Emerging Countries Fund	23,071,540.00	3.08%	8,006,728.18	2.25%	27,161,178.20	0.71%
Emerging Country Debt Fund (Class III)
Emerging Country Debt Fund (Class IV)			1,726,211.79	0.48%	12,630,017.91	0.33%			5,823,412.02	0.55%	33,407,712.21	2.08%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)
Emerging Markets Fund (Class VI)	161,568,589.67	21.60%	34,806,867.88	9.77%	356,302,455.61	9.32%					273,170,416.69	16.98%
Emerging Markets Quality( Class VI)							78,317,204.43	8.15%	96,061,689.75	9.14%			51,510,109.45	7.38%
Inflation Indexed Plus Bond Fund (Class VI)					607,803,896.04	15.89%			140,836,491.43	13.41%	359,951,081.16	22.37%
International Bond Fund (Class III)					22,510,303.05	0.59%			5,493,293.16	0.52%
International Core Equity (VI)					404,025,081.51	10.56%
International Growth Equity Fund (Class III)	281,443,010.06	37.63%	28,965,417.43	8.13%	205,598,110.88	5.38%	226,001,716.50	23.53%	147,102,131.90	14.00%			325,766,370.08	46.68%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	281,810,589.20	37.68%	28,836,801.09	8.09%	205,334,828.56	5.37%	225,197,819.82	23.44%	152,709,953.72	14.54%			320,645,556.96	45.94%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			137,223.46	0.04%	3,536,587.64	0.09%
SPV			49.07	0.00%
Special Situation Fund					210,454,538.18	5.50%			58,177,750.84	5.54%	80,424,241.56	5.00%
Strategic Fixed Income (Class VI)					438,994,504.46	11.48%			67,394,146.68	6.42%	185,512,704.99	11.53%
U.S Small/Mid Cap Growth Fund (III)															1,411,113.38	1.39%
U.S Small/Mid Cap Value Fund															1,368,256.54	1.35%
U.S. Core Equity Fund (Class III)
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			138,970,714.86	39.00%	81,897,439.67	2.14%	232,269,809.31	24.18%	68,315,660.45	6.50%	2,900.17	0.00%			64,582,811.06	63.76%
U.S. Growth Fund (III)			18,453.03	0.01%
U.S. Quality Equity Fund (Class VI)			92,305,696.93	25.91%	630,336,171.89	16.48%	198,820,699.32	20.70%	198,786,127.50	18.92%	299,027,950.93	18.58%			33,929,242.37	33.50%
U.S. Value Fund (III)
	747,893,728.93	100.00%	356,316,867.27	100.00%	3,824,588,758.24	100.00%	960,607,249.38	100.00%	1,050,505,919.58	100.00%	1,609,187,034.05	100.00%	697,922,036.49	100.00%	101,291,423.35	100.00%
Total Market Value
GMO Fund of Fund Allocation %
February, 2008	International Equity Allocation Fund		Global (U.S.+) Equity Allocation Fund		Global Balanced Asset Allocation Fund		World Opportunity Equity Allocation Fund		Strategic Opportunities Allocation Fund		Benchmark-Free Allocation Fund		International Opp. Equity Allocation Fund		U.S. Equity Allocation Fund
	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV	Market Value	% of Total MV
Name of Fund Owned
Alpha Only Fund (Class IV)			22,706,204.57	6.37%	535,974,747.72	15.93%			90,584,368.42	8.23%	407,035,363.60	25.28%
Alternative Asset Allocation Fund(ALTO)											24,885,254.79	1.55%
Core Plus Bond Fund (Class IV)					49,187,749.47	1.46%			26,514,727.72	2.41%
Currency Hedged International Bond Fund
Currency Hedged International Equity Fund
Domestic Bond Fund (Class VI)					47,058,825.95	1.40%
Emerging Countries Fund	24,331,147.23	3.22%	8,443,861.23	2.37%	24,700,654.29	0.73%
Emerging Country Debt Fund (Class IV)			1,702,518.69	0.48%	10,781,540.88	0.32%			5,743,482.83	0.52%	32,949,174.98	2.05%
Emerging Markets Fund (Class III)
Emerging Markets Fund (Class IV)			36,561,535.09	10.26%
Emerging Markets Fund (Class VI)	165,596,572.81	21.92%			325,787,540.36	9.68%					285,823,204.98	17.75%
Emerging Markets Quality( Class VI)							80,556,568.08	8.53%	103,926,197.50	9.45%			52,923,869.45	7.37%
Inflation Indexed Plus Bond Fund (Class VI)
International Bond Fund (Class III)					19,794,069.20	0.59%			5,569,426.22	0.51%
International Core Equity (VI)					353,485,225.77	10.51%
International Growth Equity Fund (Class III)	283,913,373.70	37.58%	29,271,873.87	8.21%	178,541,031.25	5.31%	224,920,411.60	23.82%	156,545,574.68	14.23%			336,616,699.45	46.89%
International Intrinsic Value Fund (Class III)
International Intrinsic Value Fund (Class IV)	281,716,937.63	37.29%	28,827,179.20	8.09%	177,101,792.32	5.26%	221,378,801.37	23.44%	159,656,663.78	14.51%			328,314,267.93	45.74%
International Small Companies Fund
Real Estate Fund
Short-Duration Investment Fund			135,936.49	0.04%	3,034,068.19	0.09%
SPV			49.07	0.00%
Special Situation Fund					183,337,321.44	5.45%			58,396,772.96	5.31%	80,727,015.17	5.01%
Strategic Fixed Income (Class VI)					825,676,073.45	24.54%			216,621,118.85	19.69%	488,748,981.93	30.36%
U.S. Core Equity Fund (Class III)									69,986,653.68	6.36%
U.S. Core Equity Fund (Class V)
U.S. Core Equity Fund (Class VI)			134,495,007.45	37.73%	83,499,235.93	2.48%	224,789,300.15	23.80%			2,806.77	0.00%			56,188,235.82	59.10%
U.S. Growth Fund			17,964.73	0.01%
U.S. Quality Equity Fund (Class VI)			94,350,850.68	26.46%	546,781,435.62	16.25%	192,718,528.01	20.41%	206,637,035.91	18.78%	289,904,690.37	18.01%			36,390,513.92	38.28%
U.S. Small/Mid Cap Growth Fund															1,229,703.78	1.29%
U.S. Small/Mid Cap Value Fund															1,256,760.12	1.32%
U.S. Value Fund
	755,558,031.37	100.00%	356,512,981.07	100.00%	3,364,741,311.84	100.00%	944,363,609.21	100.00%	1,100,182,022.55	100.00%	1,610,076,492.59	100.00%	717,854,836.83	100.00%	95,065,213.64	100.00%
Total Market Value

EX-99

	GMO Trust
	FYE 2/29/2008
	Attachment Filed in Response to Form N-SAR Sub-Item 77P
	Monthly Average Assets
	Fund Name	March	April	May
04005	GMO Short-Duration Investment Fund	31,302,123.02	31,209,311.03	22,910,384.95
04008	GMO Tobacco-Free Core Fund	325,861,884.00	338,310,313.33	344,630,723.94
04014	GMO U.S. Equity Allocation Fund	142,120,904.89	147,479,675.71	147,860,512.54
04015	GMO International Bond Fund	449,190,558.91	447,120,717.56	516,744,761.38
04021	GMO Emerging Country Debt Fund	2,879,758,622.17	2,916,192,145.92	2,955,340,255.04
04025	GMO Domestic Bond Fund	452,538,276.22	506,129,658.26	505,976,960.27
04026	GMO Currency Hedged International Bond Fund	273,801,214.21	238,160,500.63	206,906,669.76
04029	GMO Global Bond Fund	185,565,658.34	190,044,071.50	194,183,361.47
04030	GMO Real Estate Fund	36,383,449.16	36,633,322.57	35,141,924.24
04036	GMO Global Balanced Asset Allocation Fund	3,085,881,022.19	3,198,726,689.35	3,264,630,193.63
04035	GMO International Equity Allocation Fund	760,673,859.34	803,550,480.39	826,768,089.71
04037	GMO Global (U.S.+) Equity Allocation Fund	354,022,616.54	367,559,139.53	380,712,739.96
04040	GMO Core Plus Bond Fund	2,043,420,008.52	1,429,976,412.60	1,427,890,275.05
04047	GMO Tax-Managed U.S. Equities Fund	116,521,320.62	120,988,816.57	124,161,170.58
04053	GMO Tax-Managed Small/Mid Cap Fund	23,714,300.23	24,283,384.71	24,663,450.63
04055	GMO Special Purpose Holding Fund	1,437,247.82	782,649.32	793,637.98
04061	GMO Benchmark-Free Allocation Fund	1,294,958,418.18	1,329,008,835.50	1,334,937,755.70
04062	GMO U.S. Quality Equity Fund	5,368,214,985.80	5,664,961,073.28	6,030,233,251.30
04077	GMO World Opportunity Overlay Fund	1,563,002,360.18	1,351,837,110.92	1,366,453,696.50
04079	GMO Alternative Asset Opportunity Fund	172,850,640.13	174,921,407.59	173,061,888.70
04083	GMO World Opportunities Equity Allocation Fund	908,445,765.99	951,625,626.65	975,497,287.79
04084	GMO Strategic Opportunities Allocation Fund	529,561,457.29	552,887,942.25	567,993,827.35
04065	GMO Short-Duration Collateral Fund	6,961,151,970.15	7,173,630,123.50	7,237,741,627.78
04087	GMO Short-Duration Collateral Share Fund	50,178,777.99	47,990,119.77	47,386,482.19
44001	GMO U.S. Core Equity Fund	6,168,819,458.09	5,910,743,914.00	4,723,916,609.07
44002	GMO U.S. Growth Fund	289,115,228.22	293,943,167.69	298,527,568.70
44004	GMO U.S. Value Fund	41,279,151.16	42,361,230.52	43,506,289.64
44012	GMO U.S. Small/Mid Cap Value Fund	57,306,933.99	59,145,220.62	59,523,015.66
44016	GMO U.S. Small/Mid Cap Growth Fund	24,699,970.17	25,604,833.91	26,011,285.82
04100	GMO Strategic Fixed Income Fund	2,989,038,159.08	3,981,528,468.27	4,007,044,596.08
04101	GMO International Opportunities Equity Allocation Fund	480,999,560.22	543,910,322.37	572,010,449.01
04102	GMO Inflation Indexed Plus Fund	2,001,945,611.88	1,580,909,242.90	1,572,480,459.71
44051	GMO U.S. Intrinsic Value Fund	35,635,792.84	37,059,087.17	38,103,290.32
04006	GMO International Intrinsic Value Fund	7,882,796,153.13	8,281,327,186.72	8,475,173,718.27
04010	GMO International Small Companies Fund	794,296,251.20	813,391,101.75	820,192,319.81
04018	GMO Emerging Markets Fund	12,567,656,262.79	13,422,345,729.84	13,828,417,723.41
04024	GMO Alpha Only Fund	1,868,434,536.18	1,879,080,380.85	1,885,714,914.08
04028	GMO Currency Hedged International Equity Fund	224,762,498.22	227,894,944.07	234,483,039.20
04031	GMO Developed World Stock Fund	486,991,375.03	503,560,742.39	518,968,446.59
04032	GMO Foreign Fund	8,974,490,992.53	9,396,048,449.66	9,620,394,125.12
04043	GMO Emerging Countries Fund	368,504,442.67	391,367,619.16	401,923,111.33
04046	GMO Emerging Markets Quality Fund	836,871,258.54	904,296,615.77	936,903,240.88
04048	GMO Tax-Managed International Equities Fund	1,110,968,956.97	1,188,888,829.15	1,221,444,951.60
04056	GMO Foreign Small Companies Fund	1,122,494,439.70	1,189,268,633.27	1,222,936,971.99
04070	GMO Taiwan Fund	310,433,343.14	305,981,331.93	302,667,515.18
04066Y	GMO Global Growth Fund	19,172,842.70	12,275,716.38	12,645,706.26
44058	GMO International Growth Equity Fund	3,854,857,542.55	4,060,634,370.99	4,146,886,258.85
44057	GMO International Core Equity Fund	3,011,981,819.74	3,713,953,645.62	5,159,154,903.27
	Total	83,534,110,022.63	86,809,530,313.43	88,841,651,438.28
	Fund Name	June	July	August
04005	GMO Short-Duration Investment Fund	16,798,464.50	11,242,543.48	9,844,727.78
04008	GMO Tobacco-Free Core Fund	284,452,427.65	174,439,311.65	157,229,746.72
04014	GMO U.S. Equity Allocation Fund	140,535,265.37	139,245,897.57	128,932,680.92
04015	GMO International Bond Fund	505,798,046.06	518,303,145.33	544,519,935.70
04021	GMO Emerging Country Debt Fund	2,940,479,729.81	2,944,277,016.28	2,870,855,575.37
04025	GMO Domestic Bond Fund	523,990,146.96	580,356,240.91	614,257,447.00
04026	GMO Currency Hedged International Bond Fund	221,403,235.43	252,720,655.23	251,711,450.03
04029	GMO Global Bond Fund	192,715,590.48	213,802,855.24	292,040,415.06
04030	GMO Real Estate Fund	33,140,450.30	30,738,314.89	26,291,652.27
04036	GMO Global Balanced Asset Allocation Fund	3,319,087,898.00	3,501,139,214.20	3,514,432,011.94
04035	GMO International Equity Allocation Fund	840,835,871.91	870,057,342.53	815,609,958.43
04037	GMO Global (U.S.+) Equity Allocation Fund	384,680,382.64	389,511,850.07	370,494,771.84
04040	GMO Core Plus Bond Fund	1,510,207,780.19	1,566,615,042.14	1,358,927,285.28
04047	GMO Tax-Managed U.S. Equities Fund	123,557,848.95	121,442,918.55	115,653,458.99
04053	GMO Tax-Managed Small/Mid Cap Fund	22,261,562.36	21,041,572.17	18,964,012.24
04055	GMO Special Purpose Holding Fund	795,109.17	796,639.27	798,114.94
04061	GMO Benchmark-Free Allocation Fund	1,342,000,386.06	1,367,635,627.78	1,336,940,022.72
04062	GMO U.S. Quality Equity Fund	6,154,264,379.81	6,333,230,707.28	6,527,415,721.72
04077	GMO World Opportunity Overlay Fund	1,436,505,003.00	1,636,228,265.03	1,680,922,275.54
04079	GMO Alternative Asset Opportunity Fund	170,259,555.91	162,902,452.85	145,398,760.05
04083	GMO World Opportunities Equity Allocation Fund	979,236,974.07	982,381,540.71	918,280,022.77
04084	GMO Strategic Balanced Allocation Fund	576,705,791.39	585,046,949.70	560,324,010.90
04065	GMO Short-Duration Collateral Fund	7,444,196,537.40	7,766,447,001.31	7,804,474,323.44
04087	GMO Short-Duration Collateral Share Fund	47,210,526.32	48,239,812.18	48,270,100.89
04088	GMO Special Situation Fund			294,105,411.21
44001	GMO U.S. Core Equity Fund	4,522,775,993.98	4,467,719,936.11	4,317,309,835.41
44002	GMO U.S. Growth Fund	296,127,990.99	296,393,890.69	271,675,566.95
44004	GMO U.S. Value Fund	43,422,753.09	41,543,561.46	38,579,146.88
44012	GMO U.S. Small/Mid Cap Value Fund	58,950,843.15	57,272,412.69	51,321,051.19
44016	GMO U.S. Small/Mid Cap Growth Fund	25,526,428.59	24,740,032.84	22,789,512.86
04100	GMO Strategic Fixed Income Fund	3,838,142,492.05	2,855,058,120.31	2,543,796,386.59
04101	GMO International Opportunities Equity Allocation Fund	607,811,492.53	666,146,237.42	646,236,108.64
04102	GMO Inflation Indexed Plus Fund	1,890,372,692.60	3,258,224,508.60	3,703,291,064.35
44051	GMO U.S. Intrinsic Value Fund	37,897,553.27	37,548,201.43	35,494,979.59
04006	GMO International Intrinsic Value Fund	8,571,779,409.27	8,680,153,165.02	8,146,835,536.79
04010	GMO International Small Companies Fund	824,933,002.57	890,799,630.83	784,316,427.49
04018	GMO Emerging Markets Fund	14,334,484,759.82	15,257,881,401.08	13,806,582,343.98
04024	GMO Alpha Only Fund	1,818,817,915.86	1,582,834,723.39	1,599,699,092.59
04028	GMO Currency Hedged International Equity Fund	237,593,844.54	232,440,187.43	189,682,644.83
04031	GMO Developed World Stock Fund	523,154,087.45	529,284,962.84	497,463,393.01
04032	GMO Foreign Fund	9,670,386,739.64	9,800,241,272.20	9,140,187,493.87
04043	GMO Emerging Countries Fund	409,719,534.21	438,461,019.96	405,754,100.62
04046	GMO Emerging Markets Quality Fund	981,650,782.81	1,038,518,961.11	948,439,695.56
04048	GMO Tax-Managed International Equities Fund	1,236,012,138.89	1,262,009,595.58	1,181,542,879.40
04056	GMO Foreign Small Companies Fund	1,224,648,793.64	1,243,213,522.76	1,141,244,517.85
04070	GMO Taiwan Fund	320,214,323.58	355,771,263.76	338,163,048.84
04066Y	GMO Global Growth Fund	12,766,276.25	12,972,946.30	12,293,602.37
44058	GMO International Growth Equity Fund	4,155,668,544.03	4,227,867,641.58	3,939,588,638.62
44057	GMO International Core Equity Fund	5,449,425,726.32	5,676,713,983.67	5,891,306,851.94
	Total	90,303,403,082.84	93,151,654,095.41	90,060,287,813.98
	Fund Name	September	October	November
04005	GMO Short-Duration Investment Fund	9,701,600.75	9,450,144.24	9,292,506.37
04008	GMO Tobacco-Free Core Fund	107,623,618.04	106,437,709.53	83,244,656.65
04014	GMO U.S. Equity Allocation Fund	129,598,187.44	129,338,494.36	103,446,574.81
04015	GMO International Bond Fund	542,568,456.68	543,889,187.87	559,225,658.20
04021	GMO Emerging Country Debt Fund	2,919,965,641.54	2,989,534,020.22	2,983,525,770.00
04025	GMO Domestic Bond Fund	628,466,156.44	631,383,441.90	638,755,575.15
04026	GMO Currency Hedged International Bond Fund	237,953,783.99	198,217,188.46	198,222,042.21
04029	GMO Global Bond Fund	298,286,941.52	300,422,412.02	307,437,315.31
04030	GMO Real Estate Fund	26,359,666.17	27,579,151.37	24,997,514.24
04036	GMO Global Balanced Asset Allocation Fund	3,611,410,862.30	3,865,816,954.76	3,869,116,749.43
04035	GMO International Equity Allocation Fund	850,875,191.50	909,539,097.82	869,271,700.77
04037	GMO Global (U.S.+) Equity Allocation Fund	380,896,845.55	394,634,679.52	379,954,388.56
04040	GMO Core Plus Bond Fund	1,357,543,371.82	1,343,044,006.81	1,215,916,846.97
04047	GMO Tax-Managed U.S. Equities Fund	117,412,882.85	107,489,275.48	99,766,124.14
04053	GMO Tax-Managed Small/Mid Cap Fund	18,753,872.57	18,190,353.37	16,594,144.15
04055	GMO Special Purpose Holding Fund	807,472.08	739,805.05	683,484.57
04061	GMO Benchmark-Free Allocation Fund	1,362,082,926.67	1,669,855,581.53	1,657,885,472.19
04062	GMO U.S. Quality Equity Fund	6,799,290,618.48	6,990,376,566.84	6,956,175,874.54
04077	GMO World Opportunity Overlay Fund	1,686,633,023.39	1,677,580,683.87	1,651,731,452.54
04079	GMO Alternative Asset Opportunity Fund	29,391,988.48	30,097,793.89	30,728,975.31
04083	GMO World Opportunities Equity Allocation Fund	940,352,689.54	1,082,218,262.18	1,046,246,333.94
04084	GMO Strategic Balanced Allocation Fund	984,709,332.90	1,081,666,851.34	1,065,864,840.87
04065	GMO Short-Duration Collateral Fund	7,882,369,052.06	7,943,669,357.62	7,913,732,641.26
04087	GMO Short-Duration Collateral Share Fund	47,257,957.71	28,688,751.07	28,335,294.08
04088	GMO Special Situation Fund	334,770,116.56	348,626,990.42	575,356,105.41
44001	GMO U.S. Core Equity Fund	4,437,164,162.64	4,462,545,082.08	4,210,991,391.67
44002	GMO U.S. Growth Fund	273,300,256.54	280,990,841.99	268,853,794.44
44004	GMO U.S. Value Fund	29,059,386.35	15,447,847.36	14,338,557.40
44012	GMO U.S. Small/Mid Cap Value Fund	50,901,587.99	50,464,498.66	44,542,296.44
44016	GMO U.S. Small/Mid Cap Growth Fund	19,794,673.48	17,243,004.00	14,526,267.23
04100	GMO Strategic Fixed Income Fund	2,514,796,941.62	2,551,209,248.52	2,558,266,147.00
04101	GMO International Opportunities Equity Allocation Fund	673,927,544.11	716,924,936.69	727,972,953.05
04102	GMO Inflation Indexed Plus Fund	3,758,791,170.96	3,731,737,683.07	3,766,272,124.51
44051	GMO U.S. Intrinsic Value Fund	34,680,366.87	34,408,637.48	30,434,218.75
04006	GMO International Intrinsic Value Fund	8,512,942,785.30	8,907,027,416.39	8,560,099,212.06
04010	GMO International Small Companies Fund	805,673,286.16	869,673,752.30	801,758,927.54
04018	GMO Emerging Markets Fund	14,639,596,211.66	16,032,297,692.00	15,173,401,985.56
04024	GMO Alpha Only Fund	1,787,947,544.57	1,868,710,493.59	1,963,116,007.12
04028	GMO Currency Hedged International Equity Fund	192,950,322.40	197,612,965.36	183,674,608.90
04031	GMO Developed World Stock Fund	510,292,250.17	533,041,423.23	507,552,823.98
04032	GMO Foreign Fund	9,368,061,310.50	9,833,105,664.41	9,593,698,691.81
04043	GMO Emerging Countries Fund	435,817,511.01	479,580,342.80	463,949,263.45
04046	GMO Emerging Markets Quality Fund	1,053,570,529.31	1,162,300,354.70	1,137,774,505.15
04048	GMO Tax-Managed International Equities Fund	1,220,038,987.03	1,293,665,738.97	1,259,583,397.14
04056	GMO Foreign Small Companies Fund	1,152,653,407.14	1,194,376,690.34	1,124,661,155.62
04070	GMO Taiwan Fund	344,194,335.56	344,709,840.64	283,011,626.73
04066Y	GMO Global Growth Fund	12,826,936.58	13,504,255.46	13,067,399.29
44058	GMO International Growth Equity Fund	4,198,832,630.96	4,416,285,141.00	4,218,940,021.82
44057	GMO International Core Equity Fund	6,227,404,667.02	6,641,941,319.16	6,428,820,099.05
	Total	93,560,301,062.94	98,077,291,631.72	95,634,815,517.37
	Fund Name	December	January	February
04005	GMO Short-Duration Investment Fund	8,908,912.03	8,255,138.47	7,881,582.78
04008	GMO Tobacco-Free Core Fund	45,715,116.14	43,453,316.57	45,790,958.82
04014	GMO U.S. Equity Allocation Fund	105,546,612.09	102,010,200.77	96,457,010.27
04015	GMO International Bond Fund	524,021,881.80	497,272,474.85	501,955,107.96
04021	GMO Emerging Country Debt Fund	3,009,345,001.29	3,020,640,600.05	2,876,191,638.74
04025	GMO Domestic Bond Fund	671,011,572.18	751,331,975.09	730,611,221.45
04026	GMO Currency Hedged International Bond Fund	193,266,039.80	191,248,241.73	167,618,457.70
04029	GMO Global Bond Fund	318,184,885.56	331,498,372.60	330,124,896.59
04030	GMO Real Estate Fund	24,134,534.29	21,620,580.69	20,955,780.75
04036	GMO Global Balanced Asset Allocation Fund	3,862,090,914.15	3,846,209,340.79	3,875,990,556.51
04035	GMO International Equity Allocation Fund	827,531,486.76	768,693,462.44	746,082,391.74
04037	GMO Global (U.S.+) Equity Allocation Fund	385,197,994.61	361,784,048.73	355,821,583.29
04040	GMO Core Plus Bond Fund	1,187,295,581.19	1,178,374,643.52	1,149,957,648.77
04047	GMO Tax-Managed U.S. Equities Fund	100,401,418.74	92,793,870.17	89,879,494.53
04053	GMO Tax-Managed Small/Mid Cap Fund	9,549,154.61	6,537,734.31
04055	GMO Special Purpose Holding Fund	684,663.52	691,524.83	696,502.52
04061	GMO Benchmark-Free Allocation Fund	1,657,958,528.33	1,623,933,145.74	1,605,887,900.02
04062	GMO U.S. Quality Equity Fund	7,680,397,984.23	8,181,633,039.14	8,396,153,915.88
04077	GMO World Opportunity Overlay Fund	1,631,997,598.20	1,607,828,957.87	1,511,732,030.50
04079	GMO Alternative Asset Opportunity Fund	30,595,159.87	31,412,075.66	32,544,399.88
04083	GMO World Opportunities Equity Allocation Fund	1,048,533,579.19	982,283,969.64	948,334,720.23
04084	GMO Strategic Balanced Allocation Fund	1,073,695,380.39	1,060,808,792.31	1,091,802,637.06
04065	GMO Short-Duration Collateral Fund	7,929,707,874.73	7,863,375,115.49	7,733,038,442.57
04087	GMO Short-Duration Collateral Share Fund	21,298,221.70	11,684,642.36	10,781,550.11
04088	GMO Special Situation Fund	624,093,724.82	695,189,165.35	703,242,855.75
44001	GMO U.S. Core Equity Fund	4,159,721,558.20	3,817,170,572.75	3,768,868,716.11
44002	GMO U.S. Growth Fund	266,633,973.79	208,978,160.26	199,931,258.84
44004	GMO U.S. Value Fund	11,982,320.23	1,937,072.89
44012	GMO U.S. Small/Mid Cap Value Fund	43,204,776.80	38,941,118.74	40,202,791.84
44016	GMO U.S. Small/Mid Cap Growth Fund	13,894,361.67	12,276,182.43	10,059,182.48
04100	GMO Strategic Fixed Income Fund	2,539,520,154.19	2,533,244,254.44	4,763,821,713.56
04101	GMO International Opportunities Equity Allocation Fund	747,348,941.11	708,483,823.99	703,585,218.04
04102	GMO Inflation Indexed Plus Fund	3,650,707,689.96	3,632,839,955.00	1,004,353,471.22
44051	GMO U.S. Intrinsic Value Fund	30,938,297.25	30,204,682.44	29,808,679.13
04006	GMO International Intrinsic Value Fund	8,241,325,853.22	7,495,970,579.93	7,227,859,686.05
04010	GMO International Small Companies Fund	736,792,388.25	661,604,325.59	663,420,338.61
04018	GMO Emerging Markets Fund	14,773,179,686.03	13,638,897,240.38	13,311,952,144.83
04024	GMO Alpha Only Fund	2,030,278,069.49	2,124,447,711.27	2,568,893,779.09
04028	GMO Currency Hedged International Equity Fund	63,296,240.37	31,611,821.66	30,602,732.72
04031	GMO Developed World Stock Fund	542,980,770.82	512,447,785.08	514,487,117.59
04032	GMO Foreign Fund	9,510,463,381.30	8,796,656,780.32	8,439,206,827.79
04043	GMO Emerging Countries Fund	454,907,896.55	409,190,041.29	395,808,885.05
04046	GMO Emerging Markets Quality Fund	1,159,740,846.17	1,090,299,879.50	1,083,117,753.52
04048	GMO Tax-Managed International Equities Fund	1,240,348,741.34	1,147,908,304.97	1,093,750,887.75
04056	GMO Foreign Small Companies Fund	1,088,944,067.27	999,048,701.20	980,618,912.29
04070	GMO Taiwan Fund	223,983,765.86	205,575,171.66	207,091,614.40
04066Y	GMO Global Growth Fund	19,641,725.17	29,956,302.88	31,545,230.86
44058	GMO International Growth Equity Fund	3,951,229,373.70	3,513,564,601.37	3,498,660,530.31
44057	GMO International Core Equity Fund	6,227,896,531.63	5,590,817,997.47	5,397,668,094.24
	Total	94,700,125,230.58	90,512,637,496.69	88,994,848,850.72