0001193125-13-043000.txt : 20130207 0001193125-13-043000.hdr.sgml : 20130207 20130207131243 ACCESSION NUMBER: 0001193125-13-043000 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130207 DATE AS OF CHANGE: 20130207 EFFECTIVENESS DATE: 20130207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GMO TRUST CENTRAL INDEX KEY: 0000772129 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-98772 FILM NUMBER: 13581293 BUSINESS ADDRESS: STREET 1: 40 ROWES WHARF CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6173467646 MAIL ADDRESS: STREET 1: 40 ROWES WHARF CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: GMO CORE TRUST DATE OF NAME CHANGE: 19900927 0000772129 S000004141 GMO U.S. Small/Mid Cap Fund C000011619 Class III GMSUX 0000772129 S000005485 GMO Benchmark-Free Allocation Fund C000014927 Class III GBMFX C000109350 Class IV C000110912 Class MF 0000772129 S000005486 GMO International Equity Allocation Fund C000014930 Class III GIEAX 0000772129 S000005487 GMO Global Asset Allocation Fund C000014933 Class III GMWAX 0000772129 S000005488 GMO Global Equity Allocation Fund C000014936 Class III GMGEX 0000772129 S000005489 GMO Strategic Opportunities Allocation Fund C000014937 Class III GBATX 0000772129 S000005490 GMO World Opportunities Equity Allocation Fund C000014938 Class III GWOAX 0000772129 S000012211 GMO International Opportunities Equity Allocation Fund C000033342 III GIOTX 497 1 d470709d497.htm GMO TRUST GMO Trust

EXPLANATORY NOTE

The XBRL interactive data file included as an exhibit to this filing relates to the Supplement dated January 18, 2013 to the GMO Trust Prospectus and Statement of Additional Information, each dated June 30, 2012, filed with the Securities and Exchange Commission on January 18, 2013 under Rule 497(e) (SEC Accession No. 0001193125-13-017362).


EXHIBIT INDEX

GMO TRUST

 

Exhibit Ref.

  

Title of Exhibit

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Schema Document
EX-101.CAL    XBRL Calculation Linkbase Document
EX.101.LAB    XBRL Labels Linkbase Document
EX-101.PRE    XBRL Presentation Linkbase Document
EX.101.DEF    XBRL Definition Linkbase Document
EX-101.INS 2 gmot5-20130118.xml XBRL INSTANCE DOCUMENT 0000772129 2011-07-01 2012-06-30 0000772129 gmot5:S000005489Member gmot5:ClassLllSharesMember 2011-07-01 2012-06-30 0000772129 gmot5:S000004141Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005486Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000012211Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005488Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005490Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005487Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005489Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005489Member gmot5:ClassLllSharesMember gmot5:C000011423Member 2011-07-01 2012-06-30 0000772129 gmot5:S000004141Member gmot5:GmoTrustMember gmot5:C000011423Member 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassLllAndClassLvSharesMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassLllAndClassLvSharesMember gmot5:C000011423Member 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassLllAndClassLvSharesMember gmot5:C000011424Member 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassMfSharesMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassMfSharesMember gmot5:C000110912Member 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:GmoTrustClassMfSharesMember 2011-07-01 2012-06-30 pure iso4217:USD <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>GMO Strategic Opportunities Allocation Fund </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Effective December&nbsp;31, 2012, the GMO Strategic Opportunities Allocation Fund (the &#147;Fund&#148;) charges a purchase premium of 0.07% of the amount invested and a redemption fee of 0.07% of the amount redeemed. The section captioned &#147;Shareholder fees&#148; on page 136 of the Prospectus is replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Shareholder fees </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">(fees paid directly from your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="89%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;III</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Purchase premium (as a percentage of amount invested)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.07&nbsp;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Redemption fee (as a percentage of amount redeemed)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.07&nbsp;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font></td></tr> </table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition, the section captioned &#147;Example&#148; on page 136 is replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Example </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you do not sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;III</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">59</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">188</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">328</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">737</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">66</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">196</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">337</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">748</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">*</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2">After reimbursement </font></td></tr></table> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><br/><b><u>GMO U.S. Small/Mid Cap Fund </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">GMO U.S. Small/Mid Cap Fund pays an investment management fee to Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC at the annual rate of 0.45% of the Fund&#146;s average daily net assets. The sections captioned &#147;Annual Fund operating expenses&#148; and &#147;Example&#148; on page 13 of the Prospectus are replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Annual Fund operating expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">(expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="89%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;III</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Management fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.45</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Shareholder service fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.15</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Other expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.38</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.98</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Expense reimbursement</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1.38</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%)</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses after expense reimbursement</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.60</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC (the &#147;Manager&#148; or &#147;GMO&#148;) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Fund&#146;s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund&#146;s direct or indirect investments in other GMO Funds.&nbsp;Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June&nbsp;30, 2013, and may not be terminated prior to this date without the action or consent of the Fund&#146;s Board of Trustees. </font></font></td></tr></table> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Example </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="55%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you do not sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;III</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">122</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">551</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,006</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,269</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">91</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">518</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">971</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,228</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">*</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2">After reimbursement </font></td></tr></table> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>Asset Allocation Funds </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the &#147;International Equity Funds&#148; may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International&nbsp;Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below). </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to a Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>GMO Benchmark-Free Allocation Fund </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The sections captioned &#147;Fees and expenses&#148; and &#147;Example&#148; on page 140 of the Prospectus are replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Fees and expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund. </font></p> <p style="margin-top:18px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2"><b>Shareholder fees </b></font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2">(fees paid directly from your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;III</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;IV</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Purchase premium (as a percentage of amount invested)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Redemption fee (as a percentage of amount redeemed)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2"><b>Annual Fund operating expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2">(expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;III</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;IV</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Management fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.65</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.65</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Shareholder service fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.15</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.10</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Other expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.02</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.02</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Acquired fund fees and expenses (underlying fund expenses)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.35</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.35</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.17</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Expense reimbursement/waiver</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(0.25</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%)</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(0.25</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%)</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses after expense reimbursement/waiver<br/>(Fund and underlying fund expenses)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.92</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.87</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC (the &#147;Manager&#148; or &#147;GMO&#148;) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June&nbsp;30, 2013, and may not be terminated prior to this date without the action or consent of the Fund&#146;s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund&#146;s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund&#146;s direct or indirect investments in other GMO Funds. </font></font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">&#147;Other expenses&#148; have been restated to reflect current fees. </font></font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (&#147;transaction fees&#148;) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. </font></font></td></tr></table> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Example </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="44%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you do not sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;III</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">118</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">338</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">575</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;1,256</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;106</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;324</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">560</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,239</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;IV</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;113</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">322</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">548</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,198</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2"> 101</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">309</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;533</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;1,180</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>*</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b></b>After expense reimbursements/waivers noted in the expense table </font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>**</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b></b>Reflects fee reductions set forth in the Fund&#146;s management contract and servicing and supplemental support agreement. </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>GMO TRUST </b></font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June&nbsp;30, 2012 </b></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The sections captioned &#147;Fees and expenses&#148; and &#147;Example&#148; on pages 1-2 of the Prospectus are replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Fees and expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p> <p style="margin-top:18px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2"><b>Shareholder fees </b></font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2">(fees paid directly from your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;MF</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Purchase premium (as a percentage of amount invested)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Redemption fee (as a percentage of amount redeemed)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p style="margin-top:18px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2"><b>Annual Fund operating expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2">(expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;MF</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Management fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.65</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total other expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Supplemental support fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.10</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Other expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.02</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Acquired fund fees and expenses (underlying fund expenses)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.35</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Expense reimbursement/waiver</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(0.25</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%)</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses after expense reimbursement/waiver<br/>(Fund and underlying fund expenses)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.87</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC (the &#147;Manager&#148; or &#147;GMO&#148;) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June&nbsp;30, 2013, and may not be terminated prior to this date without the action or consent of the Fund&#146;s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund&#146;s management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund&#146;s direct or indirect investments in other GMO Funds. </font></font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">&#147;Other expenses&#148; have been restated to reflect current fees. </font></font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (&#147;transaction fees&#148;) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. </font></font></td></tr></table> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Example </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="46%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you do not sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;MF</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">113</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">322</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">548</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;1,198</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;101</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;309</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">533</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,180</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">*</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2">After expense reimbursements/waivers noted in the expense table. </font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">**</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2">Reflects fee reductions set forth in the Fund&#146;s management contract and servicing and supplemental support agreement. </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Benchmark-Free Allocation Fund (the &#147;Fund&#148;) may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, the Fund also is subject to Options Risk (as described below). </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by the Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If the Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict the Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose the Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to the Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, the Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>GMO Strategic Opportunities Allocation Fund </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Effective December&nbsp;31, 2012, the GMO Strategic Opportunities Allocation Fund (the &#147;Fund&#148;) charges a purchase premium of 0.07% of the amount invested and a redemption fee of 0.07% of the amount redeemed. The section captioned &#147;Shareholder fees&#148; on page 136 of the Prospectus is replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Shareholder fees </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">(fees paid directly from your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="89%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;III</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Purchase premium (as a percentage of amount invested)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.07&nbsp;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Redemption fee (as a percentage of amount redeemed)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.07&nbsp;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font></td></tr> </table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition, the section captioned &#147;Example&#148; on page 136 is replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Example </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you do not sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;III</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">59</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">188</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">328</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">737</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">66</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">196</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">337</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">748</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">*</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2">After reimbursement </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><br/><b><u>GMO U.S. Small/Mid Cap Fund </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">GMO U.S. Small/Mid Cap Fund pays an investment management fee to Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC at the annual rate of 0.45% of the Fund&#146;s average daily net assets. The sections captioned &#147;Annual Fund operating expenses&#148; and &#147;Example&#148; on page 13 of the Prospectus are replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Annual Fund operating expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">(expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="89%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;III</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Management fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.45</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Shareholder service fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.15</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Other expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.38</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.98</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Expense reimbursement</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(1.38</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%)</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses after expense reimbursement</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.60</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC (the &#147;Manager&#148; or &#147;GMO&#148;) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Fund&#146;s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund&#146;s direct or indirect investments in other GMO Funds.&nbsp;Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June&nbsp;30, 2013, and may not be terminated prior to this date without the action or consent of the Fund&#146;s Board of Trustees. </font></font></td></tr></table> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Example </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="55%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you do not sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;III</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">122</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">551</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,006</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,269</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">91</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">518</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">971</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,228</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">*</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2">After reimbursement </font></td></tr></table> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>Asset Allocation Funds </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the &#147;International Equity Funds&#148; may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International&nbsp;Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below). </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to a Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>Asset Allocation Funds </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the &#147;International Equity Funds&#148; may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International&nbsp;Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below). </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to a Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>Asset Allocation Funds </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the &#147;International Equity Funds&#148; may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International&nbsp;Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below). </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to a Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>Asset Allocation Funds </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the &#147;International Equity Funds&#148; may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International&nbsp;Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below). </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to a Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>Asset Allocation Funds </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the &#147;International Equity Funds&#148; may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International&nbsp;Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below). </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to a Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>Asset Allocation Funds </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the &#147;International Equity Funds&#148; may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International&nbsp;Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below). </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to a Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>Asset Allocation Funds </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the &#147;International Equity Funds&#148; may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International&nbsp;Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below). </font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to a Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> <b>Shareholder fees</b><br/>(fees paid directly from your investment) 0.0007 -0.0007 <b>Example</b> This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>If you sell your shares</b> <b>If you do not sell your shares</b> 59 188 328 737 66 196 337 748 <b>Annual Fund operating expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0015 0.0138 0.0198 -0.0138 0.006 June 30, 2013 <b>Example</b> This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>If you sell your shares</b> <b>If you do not sell your shares</b> 122 551 1006 2269 91 518 971 2228 <p style="margin-top:12px;margin-bottom:0px" align="center"><b>GMO TRUST </b></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>GMO Trust Multi-Class Prospectus and Statement of Additional Information, </b></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><b>each dated June&nbsp;30, 2012 </b></p><p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>GMO Benchmark-Free Allocation Fund </u></b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The sections captioned &#147;Fees and expenses&#148; and &#147;Example&#148; on page 140 of the Prospectus are replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Fees and expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund. </font></p> <p style="margin-top:18px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2"><b>Shareholder fees </b></font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2">(fees paid directly from your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;III</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;IV</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Purchase premium (as a percentage of amount invested)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Redemption fee (as a percentage of amount redeemed)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2"><b>Annual Fund operating expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2">(expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;III</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;IV</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Management fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.65</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.65</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Shareholder service fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.15</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.10</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Other expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.02</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.02</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Acquired fund fees and expenses (underlying fund expenses)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.35</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.35</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Total annual operating expenses</font></p></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.17</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Expense reimbursement/waiver</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(0.25</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%)</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(0.25</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%)</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses after expense reimbursement/waiver<br/>(Fund and underlying fund expenses)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.92</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.87</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC (the &#147;Manager&#148; or &#147;GMO&#148;) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June&nbsp;30, 2013, and may not be terminated prior to this date without the action or consent of the Fund&#146;s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund&#146;s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund&#146;s direct or indirect investments in other GMO Funds. </font></font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"> <font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">&#147;Other expenses&#148; have been restated to reflect current fees. </font></font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (&#147;transaction fees&#148;) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. </font></font></td></tr></table> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Example </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="44%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you do not sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;III</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">118</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">338</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">575</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;1,256</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;106</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;324</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">560</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,239</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Class&nbsp;IV</font></p></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;113</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">322</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">548</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,198</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2"> 101</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">309</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;533</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;1,180</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>*</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b></b>After expense reimbursements/waivers noted in the expense table </font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>**</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b></b>Reflects fee reductions set forth in the Fund&#146;s management contract and servicing and supplemental support agreement. </font></td></tr></table> <b>Fees and expenses </b> The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund. <b>Shareholder fees</b><br/>(fees paid directly from your investment) 0.0012 0.0012 -0.0012 -0.0012 <b>Annual Fund operating expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0015 0.001 0.0002 0.0002 0.0035 0.0035 0.0117 0.0112 -0.0025 -0.0025 0.0092 0.0087 &#147;Other expenses&#148; have been restated to reflect current fees. <br/><br/>The amount has been restated to reflect current fees of certain underlying funds. June 30, 2013 <b>Example</b> This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>If you sell your shares</b> <b>If you do not sell your shares</b> 118 338 322 575 548 1256 1198 113 106 101 324 309 560 533 1239 1180 <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>GMO TRUST </b></font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June&nbsp;30, 2012 </b></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The sections captioned &#147;Fees and expenses&#148; and &#147;Example&#148; on pages 1-2 of the Prospectus are replaced with the following: </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Fees and expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p> <p style="margin-top:18px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2"><b>Shareholder fees </b></font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2">(fees paid directly from your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;MF</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Purchase premium (as a percentage of amount invested)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Redemption fee (as a percentage of amount redeemed)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p style="margin-top:18px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2"><b>Annual Fund operating expenses </b></font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:2%"><font style="font-family:times new roman" size="2">(expenses that you pay each year as a percentage of the value of your investment) </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>Class&nbsp;MF</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Management fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.65</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total other expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Supplemental support fee</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.10</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Other expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.02</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Acquired fund fees and expenses (underlying fund expenses)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.35</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1.12</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Expense reimbursement/waiver</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2"></font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(0.25</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font><font style="font-family:times new roman" size="2"></font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%)</font><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:times new roman" size="2">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Total annual operating expenses after expense reimbursement/waiver<br/>(Fund and underlying fund expenses)</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.87</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">%&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC (the &#147;Manager&#148; or &#147;GMO&#148;) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June&nbsp;30, 2013, and may not be terminated prior to this date without the action or consent of the Fund&#146;s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund&#146;s management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund&#146;s direct or indirect investments in other GMO Funds. </font></font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">&#147;Other expenses&#148; have been restated to reflect current fees. </font></font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">3</sup>&nbsp;</font><font style="font-family:times new roman" size="2"></font></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><font style="font-family:times new roman" size="2">The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (&#147;transaction fees&#148;) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. </font></font></td></tr></table> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><br/><b>Example </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="46%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>If you do not sell your shares</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>1&nbsp;Year*</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>3&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>5&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1"><b>10&nbsp;Years**</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top"> <div><font style="font-family:times new roman" size="2">Class&nbsp;MF</font></div></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">113</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">322</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">548</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;1,198</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;101</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&nbsp;309</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">533</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,180</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&nbsp;&nbsp;</font></td></tr> </table> <p></p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">*</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2">After expense reimbursements/waivers noted in the expense table. </font></td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2">**</font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2">Reflects fee reductions set forth in the Fund&#146;s management contract and servicing and supplemental support agreement. </font></td></tr></table> <b>Fees and expenses </b> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>Shareholder fees</b><br/>(fees paid directly from your investment) 0.0012 -0.0012 0.0065 0.0012 0.001 0.0002 0.0035 0.0112 -0.0025 0.0087 &#147;Other expenses&#148; have been restated to reflect current fees. <br/><br/>The amount has been restated to reflect current fees of certain underlying funds. June 30, 2013 <b>Example</b> This example is intended to help 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 and that the Fund&#146;s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 113 322 548 1198 101 309 533 1180 <b>If you sell your shares</b> <b>If you do not sell your shares</b> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>GMO TRUST </b></font></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>Amended and Restated Supplement dated January&nbsp;18, 2013 to the </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:times new roman" size="2"><b>GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June&nbsp;30, 2012 </b></font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All references to the &#147;International Equity Funds&#148; in the Prospectus are amended to include GMO Risk Premium Fund (&#147;Risk Premium Fund&#148;), a series of GMO Trust offered through a separate prospectus. Benchmark-Free Allocation Fund (the &#147;Fund&#148;) may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as &#147;International Equity Funds.&#148; For information about Risk Premium Fund, see &#147;Investment in Other GMO Funds&#148; below. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In addition to the principal risks noted in the Prospectus, the Fund also is subject to Options Risk (as described below). </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>OPTIONS RISK. </b>There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by the Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option&#146;s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If the Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund&#146;s potential loss is theoretically unlimited. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict the Fund&#146;s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose the Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Special tax rules apply to the Fund&#146;s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, the Fund&#146;s options transactions potentially could cause a substantial portion of the Fund&#146;s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.</font></p> GMO TRUST 0000772129 2013-01-18 2013-01-18 Other false 2012-02-29 2012-06-30 <b>Annual Fund operating expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment) After reimbursement Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds.Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds. "Other expenses" have been restated to reflect current fees. The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees ("transaction fees") charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. After expense reimbursements/waivers noted in the expense table Reflects fee reductions set forth in the Fund's management contract and servicing and supplemental support agreement. Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund's management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds. 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GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

GMO Strategic Opportunities Allocation Fund

Effective December 31, 2012, the GMO Strategic Opportunities Allocation Fund (the “Fund”) charges a purchase premium of 0.07% of the amount invested and a redemption fee of 0.07% of the amount redeemed. The section captioned “Shareholder fees” on page 136 of the Prospectus is replaced with the following:

Shareholder fees

(fees paid directly from your investment)

 

     Class III  
Purchase premium (as a percentage of amount invested)
     0.07  %
Redemption fee (as a percentage of amount redeemed)
     0.07  %

In addition, the section captioned “Example” on page 136 is replaced with the following:

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 59       $ 188       $ 328       $ 737       $ 66       $ 196       $ 337       $ 748   

 

* After reimbursement


GMO U.S. Small/Mid Cap Fund

GMO U.S. Small/Mid Cap Fund pays an investment management fee to Grantham, Mayo, Van Otterloo & Co. LLC at the annual rate of 0.45% of the Fund’s average daily net assets. The sections captioned “Annual Fund operating expenses” and “Example” on page 13 of the Prospectus are replaced with the following:

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class III  
Management fee
     0.45 %1 
Shareholder service fee
     0.15 %1 
Other expenses
     1.38
Total annual operating expenses
     1.98
Expense reimbursement
     (1.38 %)1 
Total annual operating expenses after expense reimbursement
     0.60

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds. Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees.

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 122       $ 551       $ 1,006       $ 2,269       $ 91       $ 518       $ 971       $ 2,228   

 

* After reimbursement

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

GMO Benchmark-Free Allocation Fund

The sections captioned “Fees and expenses” and “Example” on page 140 of the Prospectus are replaced with the following:

Fees and expenses

The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund.

Shareholder fees

(fees paid directly from your investment)

 

     Class III     Class IV  
Purchase premium (as a percentage of amount invested)
     0.12     0.12
Redemption fee (as a percentage of amount redeemed)
     0.12     0.12

 

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class III     Class IV  
Management fee
     0.65 %1      0.65 %1 
Shareholder service fee
     0.15 %1      0.10 %1 
Other expenses
     0.02 %2      0.02 %2 
Acquired fund fees and expenses (underlying fund expenses)
     0.35 %3      0.35 %3 
Total annual operating expenses
     1.17     1.12
Expense reimbursement/waiver
     (0.25 %)1      (0.25 %)1 
Total annual operating expenses after expense reimbursement/waiver
(Fund and underlying fund expenses)
     0.92     0.87

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds.
2  “Other expenses” have been restated to reflect current fees.
3  The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (“transaction fees”) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively.

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 118       $ 338       $ 575       $  1,256       $  106       $  324       $ 560       $ 1,239   
Class IV
   $  113       $ 322       $ 548       $ 1,198       $ 101       $ 309       $  533       $  1,180   

* After expense reimbursements/waivers noted in the expense table
** Reflects fee reductions set forth in the Fund’s management contract and servicing and supplemental support agreement.

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June 30, 2012

The sections captioned “Fees and expenses” and “Example” on pages 1-2 of the Prospectus are replaced with the following:

Fees and expenses

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees

(fees paid directly from your investment)

 

     Class MF  
Purchase premium (as a percentage of amount invested)
     0.12
Redemption fee (as a percentage of amount redeemed)
     0.12

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class MF  
Management fee
     0.65 %1 
Total other expenses
     0.12
Supplemental support fee
     0.10 %1 
Other expenses
     0.02 %1 
Acquired fund fees and expenses (underlying fund expenses)
     0.35 %3 
Total annual operating expenses
     1.12
Expense reimbursement/waiver
     (0.25 %)1 
Total annual operating expenses after expense reimbursement/waiver
(Fund and underlying fund expenses)
     0.87

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund’s management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds.
2  “Other expenses” have been restated to reflect current fees.
3  The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (“transaction fees”) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively.

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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 MF
   $ 113       $ 322       $ 548       $  1,198       $  101       $  309       $ 533       $ 1,180   

* After expense reimbursements/waivers noted in the expense table.
** Reflects fee reductions set forth in the Fund’s management contract and servicing and supplemental support agreement.

All references to the “International Equity Funds” in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Benchmark-Free Allocation Fund (the “Fund”) may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, the Fund also is subject to Options Risk (as described below).

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by the Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If the Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict the Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose the Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to the Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, the Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

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XML 12 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName GMO TRUST
Prospectus Date rr_ProspectusDate Jun. 30, 2012
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

GMO Strategic Opportunities Allocation Fund

Effective December 31, 2012, the GMO Strategic Opportunities Allocation Fund (the “Fund”) charges a purchase premium of 0.07% of the amount invested and a redemption fee of 0.07% of the amount redeemed. The section captioned “Shareholder fees” on page 136 of the Prospectus is replaced with the following:

Shareholder fees

(fees paid directly from your investment)

 

     Class III  
Purchase premium (as a percentage of amount invested)
     0.07  %
Redemption fee (as a percentage of amount redeemed)
     0.07  %

In addition, the section captioned “Example” on page 136 is replaced with the following:

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 59       $ 188       $ 328       $ 737       $ 66       $ 196       $ 337       $ 748   

 

* After reimbursement


GMO U.S. Small/Mid Cap Fund

GMO U.S. Small/Mid Cap Fund pays an investment management fee to Grantham, Mayo, Van Otterloo & Co. LLC at the annual rate of 0.45% of the Fund’s average daily net assets. The sections captioned “Annual Fund operating expenses” and “Example” on page 13 of the Prospectus are replaced with the following:

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class III  
Management fee
     0.45 %1 
Shareholder service fee
     0.15 %1 
Other expenses
     1.38
Total annual operating expenses
     1.98
Expense reimbursement
     (1.38 %)1 
Total annual operating expenses after expense reimbursement
     0.60

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds. Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees.

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 122       $ 551       $ 1,006       $ 2,269       $ 91       $ 518       $ 971       $ 2,228   

 

* After reimbursement

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

GMO Benchmark-Free Allocation Fund

The sections captioned “Fees and expenses” and “Example” on page 140 of the Prospectus are replaced with the following:

Fees and expenses

The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund.

Shareholder fees

(fees paid directly from your investment)

 

     Class III     Class IV  
Purchase premium (as a percentage of amount invested)
     0.12     0.12
Redemption fee (as a percentage of amount redeemed)
     0.12     0.12

 

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class III     Class IV  
Management fee
     0.65 %1      0.65 %1 
Shareholder service fee
     0.15 %1      0.10 %1 
Other expenses
     0.02 %2      0.02 %2 
Acquired fund fees and expenses (underlying fund expenses)
     0.35 %3      0.35 %3 
Total annual operating expenses
     1.17     1.12
Expense reimbursement/waiver
     (0.25 %)1      (0.25 %)1 
Total annual operating expenses after expense reimbursement/waiver
(Fund and underlying fund expenses)
     0.92     0.87

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds.
2  “Other expenses” have been restated to reflect current fees.
3  The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (“transaction fees”) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively.

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 118       $ 338       $ 575       $  1,256       $  106       $  324       $ 560       $ 1,239   
Class IV
   $  113       $ 322       $ 548       $ 1,198       $ 101       $ 309       $  533       $  1,180   

* After expense reimbursements/waivers noted in the expense table
** Reflects fee reductions set forth in the Fund’s management contract and servicing and supplemental support agreement.

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June 30, 2012

The sections captioned “Fees and expenses” and “Example” on pages 1-2 of the Prospectus are replaced with the following:

Fees and expenses

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees

(fees paid directly from your investment)

 

     Class MF  
Purchase premium (as a percentage of amount invested)
     0.12
Redemption fee (as a percentage of amount redeemed)
     0.12

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class MF  
Management fee
     0.65 %1 
Total other expenses
     0.12
Supplemental support fee
     0.10 %1 
Other expenses
     0.02 %1 
Acquired fund fees and expenses (underlying fund expenses)
     0.35 %3 
Total annual operating expenses
     1.12
Expense reimbursement/waiver
     (0.25 %)1 
Total annual operating expenses after expense reimbursement/waiver
(Fund and underlying fund expenses)
     0.87

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund’s management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds.
2  “Other expenses” have been restated to reflect current fees.
3  The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (“transaction fees”) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively.

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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 MF
   $ 113       $ 322       $ 548       $  1,198       $  101       $  309       $ 533       $ 1,180   

* After expense reimbursements/waivers noted in the expense table.
** Reflects fee reductions set forth in the Fund’s management contract and servicing and supplemental support agreement.

All references to the “International Equity Funds” in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Benchmark-Free Allocation Fund (the “Fund”) may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, the Fund also is subject to Options Risk (as described below).

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by the Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If the Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict the Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose the Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to the Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, the Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

Class lll Shares | GMO Strategic Opportunities Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

GMO Strategic Opportunities Allocation Fund

Effective December 31, 2012, the GMO Strategic Opportunities Allocation Fund (the “Fund”) charges a purchase premium of 0.07% of the amount invested and a redemption fee of 0.07% of the amount redeemed. The section captioned “Shareholder fees” on page 136 of the Prospectus is replaced with the following:

Shareholder fees

(fees paid directly from your investment)

 

     Class III  
Purchase premium (as a percentage of amount invested)
     0.07  %
Redemption fee (as a percentage of amount redeemed)
     0.07  %

In addition, the section captioned “Example” on page 136 is replaced with the following:

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 59       $ 188       $ 328       $ 737       $ 66       $ 196       $ 337       $ 748   

 

* After reimbursement
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees
(fees paid directly from your investment)
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption If you sell your shares
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If you do not sell your shares
Class lll Shares | GMO Strategic Opportunities Allocation Fund | Class III
 
Risk/Return: rr_RiskReturnAbstract  
Purchase premium (as a percentage of amount invested) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.07%
Redemption fee (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption 0.07%
1 Year rr_ExpenseExampleYear01 59 [1]
3 Years rr_ExpenseExampleYear03 188
5 Years rr_ExpenseExampleYear05 328
10 Years rr_ExpenseExampleYear10 737
1 Year rr_ExpenseExampleNoRedemptionYear01 66 [1]
3 Years rr_ExpenseExampleNoRedemptionYear03 196
5 Years rr_ExpenseExampleNoRedemptionYear05 337
10 Years rr_ExpenseExampleNoRedemptionYear10 748
GMO Trust | GMO Strategic Opportunities Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

GMO Trust | GMO U.S. Small/Mid Cap Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012


GMO U.S. Small/Mid Cap Fund

GMO U.S. Small/Mid Cap Fund pays an investment management fee to Grantham, Mayo, Van Otterloo & Co. LLC at the annual rate of 0.45% of the Fund’s average daily net assets. The sections captioned “Annual Fund operating expenses” and “Example” on page 13 of the Prospectus are replaced with the following:

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class III  
Management fee
     0.45 %1 
Shareholder service fee
     0.15 %1 
Other expenses
     1.38
Total annual operating expenses
     1.98
Expense reimbursement
     (1.38 %)1 
Total annual operating expenses after expense reimbursement
     0.60

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds. Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees.

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 122       $ 551       $ 1,006       $ 2,269       $ 91       $ 518       $ 971       $ 2,228   

 

* After reimbursement
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund operating expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination June 30, 2013
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption If you sell your shares
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If you do not sell your shares
GMO Trust | GMO U.S. Small/Mid Cap Fund | Class III
 
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.45% [2]
Shareholder service fee rr_DistributionOrSimilarNon12b1FeesOverAssets 0.15% [2]
Total other expenses rr_OtherExpensesOverAssets 1.38%
Total annual operating expenses rr_ExpensesOverAssets 1.98%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.38%) [2]
Total annual operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.60%
1 Year rr_ExpenseExampleYear01 122 [1]
3 Years rr_ExpenseExampleYear03 551
5 Years rr_ExpenseExampleYear05 1,006
10 Years rr_ExpenseExampleYear10 2,269
1 Year rr_ExpenseExampleNoRedemptionYear01 91 [1]
3 Years rr_ExpenseExampleNoRedemptionYear03 518
5 Years rr_ExpenseExampleNoRedemptionYear05 971
10 Years rr_ExpenseExampleNoRedemptionYear10 2,228
GMO Trust | GMO International Equity Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

GMO Trust | GMO International Opportunities Equity Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

GMO Trust | GMO Global Equity Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

GMO Trust | GMO World Opportunities Equity Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

GMO Trust | GMO Global Asset Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

GMO Trust | GMO Benchmark-Free Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

Asset Allocation Funds

All references to the “International Equity Funds” in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the “International Equity Funds” may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).

 

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to a Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

Class lll and Class lV Shares | GMO Benchmark-Free Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Multi-Class Prospectus and Statement of Additional Information,

each dated June 30, 2012

GMO Benchmark-Free Allocation Fund

The sections captioned “Fees and expenses” and “Example” on page 140 of the Prospectus are replaced with the following:

Fees and expenses

The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund.

Shareholder fees

(fees paid directly from your investment)

 

     Class III     Class IV  
Purchase premium (as a percentage of amount invested)
     0.12     0.12
Redemption fee (as a percentage of amount redeemed)
     0.12     0.12

 

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class III     Class IV  
Management fee
     0.65 %1      0.65 %1 
Shareholder service fee
     0.15 %1      0.10 %1 
Other expenses
     0.02 %2      0.02 %2 
Acquired fund fees and expenses (underlying fund expenses)
     0.35 %3      0.35 %3 

Total annual operating expenses

     1.17     1.12
Expense reimbursement/waiver
     (0.25 %)1      (0.25 %)1 
Total annual operating expenses after expense reimbursement/waiver
(Fund and underlying fund expenses)
     0.92     0.87

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund’s management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds.
2  “Other expenses” have been restated to reflect current fees.
3  The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (“transaction fees”) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively.

Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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
   $ 118       $ 338       $ 575       $  1,256       $  106       $  324       $ 560       $ 1,239   

Class IV

   $  113       $ 322       $ 548       $ 1,198       $ 101       $ 309       $  533       $  1,180   

* After expense reimbursements/waivers noted in the expense table
** Reflects fee reductions set forth in the Fund’s management contract and servicing and supplemental support agreement.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund operating expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination June 30, 2013
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent “Other expenses” have been restated to reflect current fees.

The amount has been restated to reflect current fees of certain underlying funds.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption If you sell your shares
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If you do not sell your shares
Class lll and Class lV Shares | GMO Benchmark-Free Allocation Fund | Class III
 
Risk/Return: rr_RiskReturnAbstract  
Purchase premium (as a percentage of amount invested) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.12%
Redemption fee (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption 0.12%
Management fee rr_ManagementFeesOverAssets 0.65% [3]
Shareholder service fee rr_DistributionOrSimilarNon12b1FeesOverAssets 0.15% [3]
Total other expenses rr_OtherExpensesOverAssets 0.02% [4]
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.35% [5]
Total annual operating expenses rr_ExpensesOverAssets 1.17%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total annual operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.92%
1 Year rr_ExpenseExampleYear01 118 [6]
3 Years rr_ExpenseExampleYear03 338 [7]
5 Years rr_ExpenseExampleYear05 575 [7]
10 Years rr_ExpenseExampleYear10 1,256 [7]
1 Year rr_ExpenseExampleNoRedemptionYear01 106 [6]
3 Years rr_ExpenseExampleNoRedemptionYear03 324 [7]
5 Years rr_ExpenseExampleNoRedemptionYear05 560 [7]
10 Years rr_ExpenseExampleNoRedemptionYear10 1,239 [7]
Class lll and Class lV Shares | GMO Benchmark-Free Allocation Fund | Class IV
 
Risk/Return: rr_RiskReturnAbstract  
Purchase premium (as a percentage of amount invested) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.12%
Redemption fee (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption 0.12%
Management fee rr_ManagementFeesOverAssets 0.65% [3]
Shareholder service fee rr_DistributionOrSimilarNon12b1FeesOverAssets 0.10% [3]
Total other expenses rr_OtherExpensesOverAssets 0.02% [4]
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.35% [5]
Total annual operating expenses rr_ExpensesOverAssets 1.12%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total annual operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.87%
1 Year rr_ExpenseExampleYear01 113 [6]
3 Years rr_ExpenseExampleYear03 322 [7]
5 Years rr_ExpenseExampleYear05 548 [7]
10 Years rr_ExpenseExampleYear10 1,198 [7]
1 Year rr_ExpenseExampleNoRedemptionYear01 101 [6]
3 Years rr_ExpenseExampleNoRedemptionYear03 309 [7]
5 Years rr_ExpenseExampleNoRedemptionYear05 533 [7]
10 Years rr_ExpenseExampleNoRedemptionYear10 1,180 [7]
Class MF Shares | GMO Benchmark-Free Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June 30, 2012

The sections captioned “Fees and expenses” and “Example” on pages 1-2 of the Prospectus are replaced with the following:

Fees and expenses

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees

(fees paid directly from your investment)

 

     Class MF  
Purchase premium (as a percentage of amount invested)
     0.12
Redemption fee (as a percentage of amount redeemed)
     0.12

Annual Fund operating expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class MF  
Management fee
     0.65 %1 
Total other expenses
     0.12
Supplemental support fee
     0.10 %1 
Other expenses
     0.02 %1 
Acquired fund fees and expenses (underlying fund expenses)
     0.35 %3 
Total annual operating expenses
     1.12
Expense reimbursement/waiver
     (0.25 %)1 
Total annual operating expenses after expense reimbursement/waiver
(Fund and underlying fund expenses)
     0.87

1  Grantham, Mayo, Van Otterloo & Co. LLC (the “Manager” or “GMO”) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund’s Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund’s management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund’s direct or indirect investments in other GMO Funds.
2  “Other expenses” have been restated to reflect current fees.
3  The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (“transaction fees”) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively.


Example

This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

     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 MF
   $ 113       $ 322       $ 548       $  1,198       $  101       $  309       $ 533       $ 1,180   

* After expense reimbursements/waivers noted in the expense table.
** Reflects fee reductions set forth in the Fund’s management contract and servicing and supplemental support agreement.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund operating expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination June 30, 2013
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent “Other expenses” have been restated to reflect current fees.

The amount has been restated to reflect current fees of certain underlying funds.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help 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 and that the Fund’s operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption If you sell your shares
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If you do not sell your shares
Class MF Shares | GMO Benchmark-Free Allocation Fund | Class MF
 
Risk/Return: rr_RiskReturnAbstract  
Purchase premium (as a percentage of amount invested) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.12%
Redemption fee (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption 0.12%
Management fee rr_ManagementFeesOverAssets 0.65% [8]
Supplemental support fee rr_Component1OtherExpensesOverAssets 0.10% [8]
Other expenses rr_Component2OtherExpensesOverAssets 0.02% [8]
Total other expenses rr_OtherExpensesOverAssets 0.12%
Acquired fund fees and expenses (underlying fund expenses) rr_AcquiredFundFeesAndExpensesOverAssets 0.35% [5]
Total annual operating expenses rr_ExpensesOverAssets 1.12%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [8]
Total annual operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.87%
1 Year rr_ExpenseExampleYear01 113 [6]
3 Years rr_ExpenseExampleYear03 322 [7]
5 Years rr_ExpenseExampleYear05 548 [7]
10 Years rr_ExpenseExampleYear10 1,198 [7]
1 Year rr_ExpenseExampleNoRedemptionYear01 101 [6]
3 Years rr_ExpenseExampleNoRedemptionYear03 309 [7]
5 Years rr_ExpenseExampleNoRedemptionYear05 533 [7]
10 Years rr_ExpenseExampleNoRedemptionYear10 1,180 [7]
GMO Trust Class MF Shares | GMO Benchmark-Free Allocation Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] gmot5_SupplementTextBlock

GMO TRUST

Amended and Restated Supplement dated January 18, 2013 to the

GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June 30, 2012

All references to the “International Equity Funds” in the Prospectus are amended to include GMO Risk Premium Fund (“Risk Premium Fund”), a series of GMO Trust offered through a separate prospectus. Benchmark-Free Allocation Fund (the “Fund”) may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as “International Equity Funds.” For information about Risk Premium Fund, see “Investment in Other GMO Funds” below.

In addition to the principal risks noted in the Prospectus, the Fund also is subject to Options Risk (as described below).

OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by the Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an option’s expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If the Fund writes a call option and does not hold the underlying security or instrument, the amount of the Fund’s potential loss is theoretically unlimited.

National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict the Fund’s ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose the Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks.

Special tax rules apply to the Fund’s transactions in options, which could increase the amount of taxes payable by shareholders. In particular, the Fund’s options transactions potentially could cause a substantial portion of the Fund’s income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

[1] After reimbursement
[2] Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds.Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees.
[3] Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds.
[4] "Other expenses" have been restated to reflect current fees.
[5] The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees ("transaction fees") charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively.
[6] After expense reimbursements/waivers noted in the expense table
[7] Reflects fee reductions set forth in the Fund's management contract and servicing and supplemental support agreement.
[8] Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund's management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds.
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Prospectus Date rr_ProspectusDate Jun. 30, 2012
Document Creation Date dei_DocumentCreationDate Jan. 18, 2013
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