GMO Trust

Item 77D

Effective  November  27,  2003,  GMO  Short-Duration  Collateral  Fund (the "New
Fund"), a new series of GMO Trust,  commenced operations.  New Fund will operate
in  substantially  the same manner  described in the  Prospectuses for GMO Alpha
LIBOR Fund (see  "Investment  by Certain  Funds in GMO Alpha  LIBOR Fund" in the
Prospectuses).  Each Fund permitted by the  Prospectuses  to invest in GMO Alpha
LIBOR Fund (which is temporarily closed to new purchases) may invest to the same
extent in New Fund,  and all references in the  Prospectuses  to GMO Alpha LIBOR
Fund's  investments,  strategies  and risks shall also be deemed to refer to the
New Fund.