-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DgAlwaSsPHgQq55xoSLPtkrB+QOi1r1m0ZE9gj6dsomoKXr608siBGNKIXUpMFbs eTfXJRBNQhrfe1NIal5OKg== 0001206774-05-000217.txt : 20050223 0001206774-05-000217.hdr.sgml : 20050223 20050223171707 ACCESSION NUMBER: 0001206774-05-000217 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050323 FILED AS OF DATE: 20050223 DATE AS OF CHANGE: 20050223 EFFECTIVENESS DATE: 20050223 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: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04347 FILM NUMBER: 05635094 BUSINESS ADDRESS: STREET 1: 40 ROWES WHARF CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6173307500 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 DEF 14A 1 d16375.txt SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [_] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material under Rule 14a-12 GMO TRUST ------------------------------------------------------------------------ (Name of Registrant as Specified in its Charter) ------------------------------------------------------------------------ (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: - ------------------------------------------------------------------------------- 2) Aggregate number of securities to which transaction applies: - ------------------------------------------------------------------------------- 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): - ------------------------------------------------------------------------------- 4) Proposed maximum aggregate value of transaction: - ------------------------------------------------------------------------------- 5) Total fee paid: - ------------------------------------------------------------------------------- [ ] Fee paid previously with preliminary materials: - ------------------------------------------------------------------------------- [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: - ------------------------------------------------------------------------------ 2) Form, Schedule or Registration Statement No.: - ---------------------------------------------------------------------------- 3) Filing Party: - ---------------------------------------------------------------------------- 4) Date Filed: - ---------------------------------------------------------------------------- GMO TRUST 40 ROWES WHARF BOSTON, MASSACHUSETTS 02110 FEBRUARY 23, 2005 Dear Shareholder: A Special Meeting of the Shareholders of GMO Trust will be held on March 23, 2005 at 9:00 a.m., Boston time, on the 6th floor of 40 Rowes Wharf, Boston, Massachusetts. The matters to be acted upon at the meeting with respect to each GMO Fund are described in the attached Notice and Proxy Statement. The Trust's Board of Trustees is seeking your vote for the slate of nominees for Trustee identified in the Proxy Statement. Also, shareholders of certain Funds will be asked to approve changes to their Funds' fundamental investment restrictions. We urge you to complete, sign and return the enclosed proxy card promptly. A postage-paid envelope is enclosed for this purpose. Whether or not you plan to be present at the meeting, we need your vote. To have your vote count, you must return a proxy card for each of the Funds in which you are invested. If your shares are held in street name, only your bank or broker can vote your shares, and only upon receipt of your specific instructions. Please contact the person responsible for your account and instruct him or her to execute a proxy card today. We look forward to receiving your proxy so that your shares may be voted at the meeting. Sincerely, /s/ R. Jeremy Grantham R. Jeremy Grantham Chairman of the Board GMO TRUST GMO ALPHA ONLY FUND GMO INTERNATIONAL EQUITY ALLOCATION FUND GMO BENCHMARK-FREE ALLOCATION FUND GMO INTERNATIONAL GROWTH FUND GMO CORE PLUS BOND FUND GMO INTERNATIONAL INTRINSIC VALUE FUND GMO CURRENCY HEDGED INTERNATIONAL BOND FUND GMO INTERNATIONAL SMALL COMPANIES FUND GMO CURRENCY HEDGED INTERNATIONAL EQUITY FUND GMO INTRINSIC VALUE FUND GMO DOMESTIC BOND FUND GMO REAL ESTATE FUND GMO EMERGING COUNTRIES FUND GMO SHORT-DURATION COLLATERAL FUND GMO EMERGING COUNTRY DEBT FUND GMO SHORT-DURATION INVESTMENT FUND GMO EMERGING COUNTRY DEBT SHARE FUND GMO SMALL CAP GROWTH FUND GMO EMERGING MARKETS FUND GMO SMALL CAP VALUE FUND GMO EMERGING MARKETS QUALITY FUND GMO SPECIAL PURPOSE HOLDING FUND GMO FOREIGN FUND GMO TAIWAN FUND GMO FOREIGN SMALL COMPANIES FUND GMO TAX-MANAGED INTERNATIONAL EQUITIES FUND GMO GLOBAL BALANCED ASSET ALLOCATION FUND GMO TAX-MANAGED SMALL COMPANIES FUND GMO GLOBAL BOND FUND GMO TAX-MANAGED U.S. EQUITIES FUND GMO GLOBAL GROWTH FUND GMO TOBACCO-FREE CORE FUND GMO GLOBAL (U.S.+) EQUITY ALLOCATION FUND GMO U.S. CORE FUND GMO GROWTH FUND GMO U.S. QUALITY EQUITY FUND GMO INFLATION INDEXED BOND FUND GMO U.S. SECTOR FUND GMO INTERNATIONAL BOND FUND GMO VALUE FUND GMO INTERNATIONAL DISCIPLINED EQUITY FUND GMO WORLD OPPORTUNITY OVERLAY FUND
40 ROWES WHARF BOSTON, MASSACHUSETTS 02110 --------------------- NOTICE OF SPECIAL MEETING OF SHAREHOLDERS --------------------- To Shareholders of GMO Trust (the "Trust"): Notice is hereby given that a special meeting of the shareholders of the Trust (the "Special Meeting") will be held on March 23, 2005 on the 6th Floor of 40 Rowes Wharf, Boston, Massachusetts, at 9:00 a.m., Boston time, for the following purposes, each of which is more fully described in the accompanying Proxy Statement dated February 23, 2005: 1. With respect to all of the Funds of the Trust, to elect the Board of Trustees, as described in Proposal I of the accompanying Proxy Statement; 2A. With respect to GMO Real Estate Fund and GMO Short-Duration Investment Fund, to approve revisions to the fundamental investment restriction with respect to concentration of investments in any one industry; 2B. With respect to GMO Alpha Only Fund, GMO Core Plus Bond Fund, GMO Currency Hedged International Bond Fund, GMO Currency Hedged International Equity Fund, GMO Domestic Bond Fund, GMO Emerging Countries Fund, GMO Emerging Country Debt Fund, GMO Emerging Country Debt Share Fund, GMO Emerging Markets Fund, GMO Emerging Markets Quality Fund, GMO Foreign Fund, GMO Global Balanced Asset Allocation Fund, GMO Global Bond Fund, GMO Global (U.S.+) Equity Allocation Fund, GMO Growth Fund, GMO Inflation Indexed Bond Fund, GMO International Bond Fund, GMO International Equity Allocation Fund, GMO International Intrinsic Value Fund, GMO International Small Companies Fund, GMO Real Estate Fund, GMO Short-Duration Investment Fund, GMO Small Cap Growth Fund, GMO Small Cap Value Fund, GMO Tobacco-Free Core Fund, GMO U.S. Core Fund, GMO U.S. Sector Fund and GMO Value Fund, to approve the elimination of the fundamental investment restriction with respect to investments in certain related issuers; and 2C. With respect to GMO Benchmark-Free Allocation Fund, GMO Global Balanced Asset Allocation Fund, GMO Global (U.S.+) Equity Allocation Fund, GMO International Equity Allocation Fund and GMO U.S. Sector Fund, to approve revisions to the fundamental investment restriction with respect to investments in commodities. The Board of Trustees of the Trust has fixed the close of business on February 11, 2005 as the record date for the determination of shareholders entitled to notice of, and to vote at, the Special Meeting or any adjournment(s) thereof. WE URGE YOU TO MARK, SIGN, DATE AND MAIL THE ENCLOSED PROXY IN THE POSTAGE-PAID ENVELOPE PROVIDED AS SOON AS POSSIBLE SO THAT YOU WILL BE REPRESENTED AT THE MEETING. By order of the Board of Trustees of the Trust, /s/ Elaine M. Hartnett Elaine M. Hartnett Secretary February 23, 2005
PROPOSAL PROPOSAL DESCRIPTION AFFECTED FUNDS PAGE - ------------------------------------------------------------------------------------------------------------------------------------ 1. Election of Trustees All Funds 3 - ------------------------------------------------------------------------------------------------------------------------------------ 2A. Approving revisions o GMO Real Estate Fund 6 to certain Funds' o GMO Short-Duration Investment Fund fundamental investment restriction with respect to concentration in any one industry - ------------------------------------------------------------------------------------------------------------------------------------ 2B. Approving the o GMO Alpha Only Fund o GMO Global (U.S.+) Equity 7 elimination of certain o GMO Core Plus Bond Fund Allocation Fund Funds' fundamental o GMO Currency Hedged International o GMO Growth Fund investment restriction Bond Fund o GMO Inflation Indexed Bond Fund with respect to o GMO Currency Hedged International o GMO International Bond Fund investments in certain Equity Fund o GMO International Equity related issuers o GMO Domestic Bond Fund Allocation Fund o GMO Emerging Countries Fund o GMO International Intrinsic Value Fund o GMO Emerging Country Debt Fund o GMO International Small o GMO Emerging Country Debt Companies Fund Share Fund o GMO Real Estate Fund o GMO Emerging Markets Fund o GMO Short-Duration Investment Fund o GMO Emerging Markets Quality o GMO Small Cap Growth Fund Fund o GMO Small Cap Value Fund o GMO Foreign Fund o GMO Tobacco-Free Core Fund o GMO Global Balanced Asset o GMO U.S. Core Fund Allocation Fund o GMO U.S. Sector Fund o GMO Global Bond Fund o GMO Value Fund - ------------------------------------------------------------------------------------------------------------------------------------ 2C. Approving revisions o GMO Benchmark-Free Allocation Fund 7 to certain Funds' o GMO Global Balanced Asset Allocation Fund fundamental o GMO Global (U.S.+) Equity Allocation Fund investment restriction o GMO International Equity Allocation Fund with respect to o GMO U.S. Sector Fund investments in commodities - ------------------------------------------------------------------------------------------------------------------------------------
--------------------- PROXY STATEMENT --------------------- GMO TRUST GMO ALPHA ONLY FUND GMO INTERNATIONAL EQUITY ALLOCATION FUND GMO BENCHMARK-FREE ALLOCATION FUND GMO INTERNATIONAL GROWTH FUND GMO CORE PLUS BOND FUND GMO INTERNATIONAL INTRINSIC VALUE FUND GMO CURRENCY HEDGED INTERNATIONAL BOND FUND GMO INTERNATIONAL SMALL COMPANIES FUND GMO CURRENCY HEDGED INTERNATIONAL EQUITY FUND GMO INTRINSIC VALUE FUND GMO DOMESTIC BOND FUND GMO REAL ESTATE FUND GMO EMERGING COUNTRIES FUND GMO SHORT-DURATION COLLATERAL FUND GMO EMERGING COUNTRY DEBT FUND GMO SHORT-DURATION INVESTMENT FUND GMO EMERGING COUNTRY DEBT SHARE FUND GMO SMALL CAP GROWTH FUND GMO EMERGING MARKETS FUND GMO SMALL CAP VALUE FUND GMO EMERGING MARKETS QUALITY FUND GMO SPECIAL PURPOSE HOLDING FUND GMO FOREIGN FUND GMO TAIWAN FUND GMO FOREIGN SMALL COMPANIES FUND GMO TAX-MANAGED INTERNATIONAL EQUITIES FUND GMO GLOBAL BALANCED ASSET ALLOCATION FUND GMO TAX-MANAGED SMALL COMPANIES FUND GMO GLOBAL BOND FUND GMO TAX-MANAGED U.S. EQUITIES FUND GMO GLOBAL GROWTH FUND GMO TOBACCO-FREE CORE FUND GMO GLOBAL (U.S.+) EQUITY ALLOCATION FUND GMO U.S. CORE FUND GMO GROWTH FUND GMO U.S. QUALITY EQUITY FUND GMO INFLATION INDEXED BOND FUND GMO U.S. SECTOR FUND GMO INTERNATIONAL BOND FUND GMO VALUE FUND GMO INTERNATIONAL DISCIPLINED EQUITY FUND GMO WORLD OPPORTUNITY OVERLAY FUND
40 Rowes Wharf Boston, Massachusetts 02110 --------------------- INTRODUCTION The enclosed proxy is solicited by the Trustees of GMO Trust (the "Trust") for use at the Special Meeting of Shareholders (the "Special Meeting") to be held on March 23, 2005 at 9:00 a.m., Boston time, and any adjournment(s) thereof, for action upon matters set forth in the accompanying Notice of the Special Meeting of Shareholders (the "Notice"). Shareholders of record at the close of business on February 11, 2005 are entitled to be present and to vote at the Special Meeting or any adjourned session thereof. The Notice, this Proxy Statement and the enclosed proxy card are first being mailed to shareholders on or about February 23, 2005. There are 42 series of shares of the Trust that had shareholders as of February 11, 2005 (each, a "Fund" and collectively, the "Funds"). The Trustees recommend that you vote: 1. For electing the nominees for election to the Board of Trustees; 2A. For approving revisions to Real Estate Fund's and Short-Duration Investment Fund's fundamental investment restrictions with respect to concentration in any one industry; 2B. For approving the elimination of Alpha Only Fund's, Core Plus Bond Fund's, Currency Hedged International Bond Fund's, Currency Hedged International Equity Fund's, Domestic Bond Fund's, Emerging Countries Fund's, Emerging Country Debt Fund's, Emerging Country Debt Share Fund's, Emerging Markets Fund's, Emerging Markets Quality Fund's, Foreign Fund's, Global Balanced Asset Allocation Fund's, Global Bond Fund's, Global (U.S.+) Equity Allocation Fund's, Growth Fund's, Inflation Indexed Bond Fund's, International Bond Fund's, International Equity Allocation Fund's, International Intrinsic Value Fund's, International Small Companies Fund's, Real Estate Fund's, Short-Duration Investment Fund's, Small Cap Growth Fund's, Small Cap Value Fund's, Tobacco-Free Core Fund's, U.S. Core Fund's, U.S. Sector Fund's and Value Fund's fundamental investment restrictions with respect to investments in certain related issuers; and 2C. For approving revisions to Benchmark-Free Allocation Fund's, Global Balanced Asset Allocation Fund's, Global (U.S.+) Equity Allocation Fund's, International Equity Allocation Fund's and U.S. Sector Fund's fundamental investment restrictions with respect to investments in commodities. Each whole share is entitled to one vote as to any matter on which it is entitled to vote and each fractional share is entitled to a proportionate fractional vote. Shares represented by your duly represented proxy will be voted in accordance with your instructions. If no instructions are made, the proxy will be voted FOR the matters specified in the proxy. Shareholders of all Funds vote together as a single class on the election of Trustees. Shareholders of Funds that are voting on proposals to modify their Funds' fundamental investment restrictions vote separately by Fund on such proposals. 2 I. ELECTION OF TRUSTEES About the Nominees. It is proposed that shareholders elect Donald W. Glazer, Jay O. Light, and W. Nicholas Thorndike as Trustees of the Trust. All of the nominees, except Mr. Thorndike, are presently Trustees of the Trust and have served in such capacity since originally appointed as members of the Board. The Investment Company Act of 1940, as amended (the "1940 Act"), generally requires that your Fund have a minimum percentage of Trustees who are not "interested persons" of your Fund or Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager"), your Fund's investment manager (referred to as "Independent Trustees" throughout this proxy statement). Mr. Glazer and Mr. Light are Independent Trustees, and Mr. Thorndike, if elected, will be an Independent Trustee. The current Trustees, including the Independent Trustees, recommend the election of Mr. Thorndike. In making this recommendation, the Trustees have considered Mr. Thorndike's experience as described in the table below, as well as Mr. Thorndike's service as Chairman of the Board/Managing Partner of Wellington Management Company from 1970-1988. The following table sets forth the ages and a description of the principal occupations of the nominees for Trustee. Except as shown, the principal occupations and business experience for the last five years of the nominees have been with the employers indicated. The address of each nominee is c/o GMO Trust, 40 Rowes Wharf, Boston, Massachusetts 02110.
NUMBER OF PORTFOLIOS IN PRINCIPAL FUND COMPLEX OTHER OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS NAME POSITION WITH LENGTH OF DURING PAST NOMINEE, HELD BY AND AGE TRUST TIME SERVED 5 YEARS IF ELECTED NOMINEE - ------------------------------------------------------------------------------------------------------------------------------------ Donald W. Glazer, Lead December 2000- Consultant--Business and 42 None Esq. Independent present Law;1 Vice Chair (since Age: 60 Trustee 2002) and Secretary, Provant, Inc.; Author of Legal Treatises. - ------------------------------------------------------------------------------------------------------------------------------------ Jay O. Light Trustee May 1996- Professor of Business 42 Director of Harvard Age: 63 present Administration and Senior Management Company, Associate Dean, Harvard Inc. and Verde, Inc.; University. Director of Partners HealthCare System, Inc. and Chair of its Investment Committee. - ------------------------------------------------------------------------------------------------------------------------------------ W. Nicholas N/A N/A Director or trustee of various 42 Director of Courier Thorndike corporations and charitable Corporation (a book Age: 71 organizations, including publisher and Courier Corporation (a book manufacturer); Member publisher and manufacturer) of the Investment (July 1989-present); Putnam Committee of Partners Funds (December 1992-June HealthCare System, Inc. 2004); and Providence Journal (a newspaper publisher) (December 1986- December 2003). - ------------------------------------------------------------------------------------------------------------------------------------
(1) As part of Mr. Glazer's work as a consultant, he provides part-time consulting services to Goodwin Procter LLP ("Goodwin"). Goodwin has provided legal services to Renewable Resources, LLC, an affiliate of Grantham, Mayo, Van Otterloo & Co. LLC ("GMO LLC" or the "Manager"), the Trust's investment adviser; GMO LLC, in connection with its relationship with Renewable Resources, LLC; and funds managed by Renewable Resources, LLC. Mr. Glazer has represented that he has no financial interest in, and is not involved in the provision of, such legal services. In the calendar year ended December 31, 2003, these entities paid $469,752.50 in legal fees and disbursements to Goodwin. For the calendar year ended December 31, 2004, billings for such legal fees and disbursements were estimated to be approximately $373,499.47. 3 Each of the nominees has agreed to serve as a Trustee if elected. The term of office of each nominee who is elected will be until the next meeting held for the purpose of electing Trustees and until his successor is elected and qualified, or until such Trustee sooner dies, resigns or is removed, as provided in the Trust's governing documents. If any of the nominees should be unavailable for election at the time of the Special Meeting (which is not presently anticipated), the persons named as proxies may vote for other persons in their discretion. COMMITTEES OF THE BOARD OF TRUSTEES. The Board of Trustees has the authority to establish committees, which may consist of two or more Trustees and which may exercise the power and authority of the Trustees to the extent the Board determines. The Board of Trustees currently has established two standing committees, the Independent Trustees/Audit Committee and the Pricing Committee. Independent Trustees/Audit Committee. The Independent Trustees/Audit Committee assists the Board of Trustees in performing its functions under the 1940 Act and Massachusetts law. The Committee performs specific tasks assigned to the Trustees who are not interested persons of the Trust pursuant to the 1940 Act, including periodic consideration of the investment management contracts of the Trust. In addition, the Committee also oversees the Funds' accounting and financial reporting policies and practices, as well as the quality and objectivity of the Funds' financial statements and the independent audit thereof. Messrs. Glazer and Light, the Independent Trustees, are members of the Independent Trustees/Audit Committee. Mr. Light serves as Chairman of the Committee. Pricing Committee. The Pricing Committee determines the fair value of the Trust's securities or other assets under the circumstances described in the GMO Trust Pricing Policies adopted by the Board, as amended from time to time (the "Procedures"). To fulfill its responsibilities and duties, the Pricing Committee periodically reviews the Procedures with the Manager and recommends changes (including the establishment of new pricing methodologies), if any, to the Board of Trustees. Messrs. Glazer and Light, the Independent Trustees, are members of the Pricing Committee; R. Jeremy Grantham, who is currently a Trustee but will not stand for reelection (although Mr. Grantham will continue in his current capacity at Grantham, Mayo, Van Otterloo & Co. LLC), is an alternate member of the Pricing Committee. Mr. Glazer serves as Chairman of the Committee. Following the Special Meeting, if the slate of nominees is elected by shareholders, the Trustees expect that the newly reconstituted Board of Trustees will create three standing committees: the Audit Committee, with Mr. Thorndike as Chairman, the Investment/Pricing Committee, with Mr. Light as Chairman, and the Governance Committee, with Mr. Glazer as Chairman. In addition, it is anticipated that Mr. Glazer, who currently is Lead Independent Trustee, will be elected Chairman of the Board of Trustees. NOMINATION OF CANDIDATES FOR TRUSTEE. The Independent Trustees have responsibility for selecting and nominating candidates for Trustee, including identifying, and evaluating the qualifications of, potential candidates. Prospective nominees may be recommended by the current Trustees, the Trust's Officers, current shareholders, or other sources that the Independent Trustees deem appropriate. Candidates properly submitted by shareholders will be considered on the same basis as candidates recommended by other sources. The Independent Trustees have full discretion to reject nominees who are recommended by shareholders. The Independent Trustees also may, but are not required to, engage a third-party professional search firm to assist them in identifying and evaluating potential nominees for Trustee. The Independent Trustees consider a variety of qualities, skills, and other attributes in evaluating potential candidates for nomination to the Board of Trustees. These considerations may include, but are not limited to: (i) relevant industry and related experience, including experience serving on other boards; (ii) educational background; (iii) financial expertise; (iv) an assessment of the candidate's ability, judgment, and expertise; and (v) the availability and commitment of a candidate to attend meetings and to perform his or her responsibilities on the Board of Trustees. In evaluating potential candidates, the Independent Trustees also consider the overall composition of the Board of Trustees and assess any perceived needs of the Board or any of its committees. After evaluating the qualifications of a potential candidate based on such considerations, the Independent Trustees may decide to interview a candidate and, after one or more interviews, may recommend such candidate for nomination for Trustee. The Independent Trustees have not established a separate committee, or adopted a written charter, exclusively for purposes of nominating candidates to the Board of Trustees. 4 SHAREHOLDER COMMUNICATION WITH TRUSTEES. The Board of Trustees provides a process for shareholders to send communications to the Trustees, including recommendations for nominees to the Board of Trustees. Shareholders may direct communications to the Trustees as a whole or to specified individual Trustees by submitting such communications in writing to the following address: To the Attention of the Board of Trustees c/o GMO Trust Chief Compliance Officer GMO Trust 40 Rowes Wharf Boston, MA 02110 Procedures with respect to shareholder communications with Trustees apply separately to each Fund. A shareholder communication must (i) be in writing and be signed by the shareholder, (ii) identify the Fund to which it relates, and (iii) identify the class and number of shares held by the shareholder. MEETINGS. During the fiscal year ended February 29, 2004, the Board of Trustees held four regular meetings and seven special meetings. The Independent Trustees/Audit Committee held eight meetings, and the Pricing Committee held six meetings. None of the Trustees attended less than 75% of the meetings of the Board and meetings of the Committees on which he served. COMPENSATION. Each Independent Trustee receives an annual retainer from the Trust for his services. In addition, the Chair of each of the Trust's standing committees receives an annual fee, and, effective January 1, 2005, the Lead Independent Trustee has received an annual fee. If the slate of nominees is elected by shareholders, it is expected that Mr. Glazer will be elected to serve as Chairman of the Board (in lieu of his current service as Lead Independent Trustee) and, in his capacity as such, will be entitled to the same additional compensation to which he currently is entitled as Lead Independent Trustee. Each Independent Trustee also is paid a fee for each in-person and for each telephone meeting of the Board of Trustees or any committee thereof attended or participated in, as the case may be, and a fee for consideration of any action proposed to be taken by written consent. No additional compensation is paid to any Independent Trustee for travel time to meetings, attendance at directors' educational seminars or conferences, service on industry or association committees, participation as speakers at directors' conferences, or service on special director task forces or subcommittees, although the Trust does reimburse Independent Trustees for seminar or conference fees and for travel expenses incurred in connection with attendance at such seminars or conferences. Independent Trustees do not receive any employee benefits such as pension or retirement benefits or health insurance. Exhibit A attached hereto sets forth the compensation paid to the Trustees from the Funds and the Trust during the fiscal year ended February 29, 2004. ADDITIONAL INFORMATION ABOUT THE NOMINEES. Please refer to Exhibit B and Exhibit C attached hereto for certain information concerning beneficial ownership by the nominees for Trustee, in the Funds and in related companies of the Funds' adviser or principal underwriter, as of January 14, 2005. In his capacity as a former independent trustee of the Putnam Funds, Mr. Thorndike has been named as a defendant in a number of private lawsuits instituted against the Putnam Funds, their investment manager, and certain of their current and former trustees, among other parties. These lawsuits make various allegations relating to market timing, short-term trading, late trading and other activities involving the Putnam Funds, and make related claims including violations of various federal securities laws and breach of fiduciary duty. REQUIRED VOTE. Pursuant to the Amended and Restated Agreement and Declaration of Trust, 40% of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum. Approval of this proposal as to any nominee requires the affirmative vote of a plurality of the shares of the Trust (all Funds of the Trust voting together as a single class) present at the Special Meeting in person or by proxy. THE TRUSTEES UNANIMOUSLY RECOMMEND THAT SHAREHOLDERS VOTE FOR THE NOMINEES FOR TRUSTEE NAMED IN THIS PROPOSAL I. 5 II. MODIFICATIONS TO FUNDAMENTAL INVESTMENT RESTRICTIONS The 1940 Act requires registered investment companies to have "fundamental" investment restrictions governing certain of their investment practices. Investment companies may also voluntarily designate restrictions relating to other investment practices as fundamental. "Fundamental" investment restrictions may be changed only by shareholder vote. A. CONCENTRATION OF INVESTMENTS IN A PARTICULAR INDUSTRY AFFECTED FUNDS: Real Estate Fund Short-Duration Investment Fund BACKGROUND. The Trustees recommend that the shareholders of Real Estate Fund and Short-Duration Investment Fund approve modifications to the fundamental investment restrictions currently observed by such Funds with respect to concentration of investments in any one industry. The purpose of these proposed changes is to ensure such Funds' compliance with positions taken by the Securities and Exchange Commission ("SEC") as to concentration in a particular industry. These proposed changes are being made at this time because the Funds are otherwise sending proxy materials to their shareholders relating to the election of Trustees, and not because either Fund intends to change its investment approach as a result of modifications to the Fund's fundamental investment restriction. The 1940 Act limits an investment company's ability to concentrate its investments in securities of any particular industry. The staff of the SEC takes the position that a mutual fund "concentrates" its investments in a particular industry if, in general, more than 25% of the fund's assets are invested in the securities of issuers in that industry. REAL ESTATE FUND. The current restriction with respect to the Real Estate Fund states that the Fund may not "concentrate more than 25% of the value of its total assets in any one industry, except that ... [it] may invest more than 25% of its assets in real estate-related securities." The Trustees propose to revise this restriction to provide that the Real Estate Fund may not "concentrate more than 25% of the value of its total assets in any one industry, except that . . . [it] will invest more than 25% of its assets in real estate-related investments" (emphasis added). This proposed revision clarifies that it is the mandatory policy of the Real Estate Fund to invest more than 25% of its assets in real estate-related investments. THE REVISION OF THIS RESTRICTION WILL NOT RESULT IN A CHANGE IN THE FUND'S INVESTMENT POLICY, as the Fund is required to invest at least 80% of its assets in real estate-related investments as part of its compliance with Rule 35d-1 under the 1940 Act, which requires a fund whose name suggests that it focuses on a particular type of investment to invest at least 80% of its assets in the type of investment suggested by its name. SHORT-DURATION INVESTMENT FUND. Currently, the fundamental investment restriction for the Short-Duration Investment Fund states that the Fund may not "concentrate more than 25% of the value of its total assets in any one industry, except that [it] may invest up to 100% of its assets in obligations issued by banks." The Trustees propose revising the Short-Duration Investment Fund's current restriction to delete the exception relating to bank obligations and provide that the Fund may not "concentrate more than 25% of the value of its total assets in any one industry." This proposal will bring the Fund's restriction into line with the restrictions of most other GMO Funds. The current restriction for the Short-Duration Investment Fund was adopted when the Fund operated as a money market fund. Because the Short-Duration Investment Fund no longer operates as a money market fund, it is not necessary to retain the freedom of action with respect to investments in bank obligations. THE REVISION OF THIS RESTRICTION WILL NOT RESULT IN A CHANGE IN THE FUND'S INVESTMENT POLICY, AS THE FUND ALREADY HAS IN PLACE A NON-FUNDAMENTAL RESTRICTION LIMITING THE FUND'S INVESTMENTS IN OBLIGATIONS ISSUED BY BANKS TO NO MORE THAN 25% OF THE VALUE OF THE FUND'S TOTAL ASSETS. REQUIRED VOTE. With respect to each of the Funds listed above, pursuant to the 1940 Act, more than 50% of the shares entitled to vote of the affected Fund, present in person or represented by proxy, shall constitute a quorum. Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected Fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares are represented at the meeting in person or by proxy. 6 B. INVESTMENTS IN CERTAIN RELATED ISSUERS AFFECTED FUNDS: Alpha Only Fund Growth Fund Core Plus Bond Fund Inflation Indexed Bond Fund Currency Hedged International Bond Fund International Bond Fund Currency Hedged International Equity Fund International Equity Allocation Fund Domestic Bond Fund International Intrinsic Value Fund Emerging Countries Fund International Small Companies Fund Emerging Country Debt Fund Real Estate Fund Emerging Country Debt Share Fund Short-Duration Investment Fund Emerging Markets Fund Small Cap Growth Fund Emerging Markets Quality Fund Small Cap Value Fund Foreign Fund Tobacco-Free Core Fund Global Balanced Asset Allocation Fund U.S. Core Fund Global Bond Fund U.S. Sector Fund Global (U.S.+) Equity Allocation Fund Value Fund
BACKGROUND. The Trustees recommend that the shareholders of the affected Funds approve the elimination of a fundamental investment restriction applicable to such Funds with respect to investments in certain related issuers. The restriction provides that the affected Funds may not ". . . invest in securities of any issuer if, to the knowledge of the Trust, officers and Trustees of the Trust and officers and members of the Manager who beneficially own more than 1/2 of 1% of the securities of that issuer together beneficially own more than 5%." This restriction was adopted in response to certain states' Blue Sky laws, which have not applied to the Funds since 1996. Consequently, for several years new Funds have not adopted this restriction. As the affected Funds are otherwise sending proxy materials to their shareholders at this time relating to the election of Trustees, it is proposed that the affected Funds eliminate this restriction because it is no longer required by any applicable law, and in order to bring the affected Funds' fundamental investment restrictions in line with those of other Funds. The Manager does not expect that the elimination of this restriction will result in a change in the affected Funds' investment policies. All Funds will continue to be subject to provisions of the 1940 Act governing transactions with affiliates. In addition, the Manager maintains a code of ethics to monitor certain transactions involving itself and its employees affecting the Funds. REQUIRED VOTE. With respect to each of the Funds listed above, pursuant to the 1940 Act, more than 50% of the shares entitled to vote of the affected Fund, present in person or represented by proxy, shall constitute a quorum. Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected Fund, or (2) 67% or more of the shares of the affected Fund present at the meeting if more than 50% of the outstanding shares are represented at the meeting in person or by proxy. C. INVESTMENTS IN COMMODITIES AFFECTED FUNDS: Benchmark-Free Allocation Fund Global Balanced Asset Allocation Fund Global (U.S.+) Equity Allocation Fund International Equity Allocation Fund U.S. Sector Fund BACKGROUND. Section 8 of the 1940 Act requires an investment company to provide a recital of its policy as to the purchase and sale of commodities. The current fundamental investment restriction of each affected Fund states that such affected fund may not "[p]urchase or sell commodities or commodity contracts, except that the Fund[ ] . . . may purchase and sell financial futures contracts and options thereon." The Manager has advised the Trustees that it believes that it would be beneficial to have the flexibility to allocate a portion of the affected Funds' assets to one or more funds that invest in certain commodity-related investments, 7 including commodity futures and commodity swaps. These investments may have a low or negative correlation to certain other asset classes held by the affected Funds and therefore offer opportunities for further diversification of the affected Funds' portfolios. Although the Manager does not believe that the existing investment restriction of the affected Funds should prohibit indirect investment in commodity contracts through the underlying funds in which they invest, the Manager determined that it would be appropriate to remove any potential ambiguity in this regard. Accordingly, the Trustees recommend that the shareholders of the affected Funds approve modifications to the fundamental investment restriction quoted above. If the proposal is approved, the Manager expects to allocate a portion of the affected Funds' assets to one or more underlying funds that invest in commodity-related investments. To the extent that a Fund invests in such underlying funds, it may be subject to risks in addition to those to which it is currently subject. Exposure to the global commodity markets entails risks, as the value of a Fund's shares will be affected by factors particular to the commodity markets. The value of commodities and commodity-related derivative instruments can be extremely volatile. In addition, the value of a Fund's indirect investments in commodity-related derivative instruments may fluctuate more than the relevant underlying commodity, commodity index, or other commodity-linked variable. The proposed fundamental investment restriction for each affected Fund is set forth below: "The Fund may not purchase commodities or commodities contracts, except that the Fund may purchase and sell financial futures contracts and options thereon and may invest in other registered open-end investment companies that purchase or sell commodities, commodity contracts or any type of commodity-related derivative instrument (including without limitation all types of commodity-related swaps, futures contracts, forward contracts and options contracts)." REQUIRED VOTE. With respect to each of the Funds listed above, pursuant to the 1940 Act, more than 50% of the shares entitled to vote of the affected Fund, present in person or represented by proxy, shall constitute a quorum. Approval of this proposal requires the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the affected Fund, or (2) 67% or more of the shares of the affected Fund present at the meeting if more than 50% of the outstanding shares are represented at the meeting in person or by proxy. THE TRUSTEES UNANIMOUSLY RECOMMEND THAT SHAREHOLDERS VOTE FOR PROPOSALS II.A, II.B AND II.C. 8 FURTHER INFORMATION ABOUT VOTING AND THE SPECIAL MEETING QUORUM AND METHODS OF TABULATION. The shareholders of each Fund vote together as a single class with respect to the election of Trustees (Proposal I). The shareholders of Funds that are voting on proposals to modify their Funds' fundamental investment restrictions vote separately by Fund (Proposals II.A, II.B and II.C). Pursuant to the Amended and Restated Agreement and Declaration of Trust, 40% of the shares entitled to vote, present in person or represented by proxy, constitutes a quorum for the transaction of business at the Special Meeting. However, approval of Proposals II.A, II.B and II.C with respect to each of the affected Funds will require the presence of more than 50% of those Funds' shares at the Special Meeting in person or by proxy. Votes cast by proxy or in person at the Special Meeting will be counted by persons appointed by the Trust as tellers (the "Tellers") for the Special Meeting. The Tellers will count the total number of votes cast "for" approval of the proposals for purposes of determining whether sufficient affirmative votes have been cast. The Tellers will count shares represented by proxies that reflect abstentions and "broker non-votes" (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter) as shares that are present on the matter for purposes of determining the presence of a quorum. With respect to Proposal I, neither abstentions nor broker non-votes have any effect on the outcome of the proposal. With respect to Proposals II.A, II.B and II.C, abstentions and broker non-votes have the effect of negative votes on the proposals. VOTING BY FUNDS THAT INVEST IN CERTAIN OTHER FUNDS. Because certain Funds invest in other Funds of the Trust (collectively, the "underlying funds"), the Board of Trustees is entitled to vote shares of the underlying funds held by these Funds (excluding shares of Emerging Country Debt Fund held by Emerging Country Debt Share Fund) at the Special Meeting. With respect to each underlying fund, the Board has determined that it will direct that the shares held by other Funds be voted in the same proportion as the votes cast by all other shareholders of such underlying fund. To the extent that certain Funds are the sole shareholders of an underlying fund, shares of the underlying fund held by such Funds shall be voted at the direction of the Board of Trustees. Shares of Emerging Country Debt Fund held by Emerging Country Debt Share Fund will be voted in the same proportion as the votes cast by all other shareholders of Emerging Country Debt Fund. OTHER BUSINESS. The Trustees know of no other business to be brought before the Special Meeting. However, if any other matters properly come before the Special Meeting, it is their intention that proxies which do not contain specific restrictions to the contrary will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy. SIMULTANEOUS MEETINGS. Because all shareholders will vote together as a single class with respect to the election of Trustees, the meeting of shareholders of your Fund is called to be held at the same time as the meetings of shareholders of all of the other GMO Trust Funds. It is anticipated that all meetings will be held simultaneously. With regard to proposals other than the election of Trustees, if any shareholder at the meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings, the persons named as proxies will vote in favor of such adjournment with respect to such other proposals. REVOCATION OF PROXIES. Proxies may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of the Trust, (ii) by properly executing a later-dated proxy, or (iii) by attending the Special Meeting and voting in person. DATE FOR RECEIPT OF SHAREHOLDERS' PROPOSALS FOR SUBSEQUENT MEETINGS OF SHAREHOLDERS. The Amended and Restated Agreement and Declaration of Trust does not provide for annual meetings of shareholders, but the Trustees may from time to time schedule special meetings. Shareholder proposals for inclusion in the Trust's proxy statement for any subsequent meeting must be received by the Trust a reasonable period of time prior to any such meeting. ADJOURNMENT. In the event that a quorum is not present and/or sufficient votes in favor of any of the proposals set forth in the Notice of Special Meeting are not received by the time scheduled for the Special Meeting, the persons named as proxies may propose one or more adjournments of the Special Meeting for a period or periods to permit further solicitation of proxies with respect to any of such proposals. Any such adjournments will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the Special Meeting to be adjourned, as required by the Amended and Restated Agreement and Declaration of Trust and the Amended and Restated By-Laws. The persons named as proxies will vote in favor of such adjournment those proxies 9 that they are entitled to vote in favor of such proposals. They will vote against any such adjournment those proxies required to be voted against such proposals. The Trust pays the costs of any additional solicitation and of any adjourned session. Any proposals for which sufficient favorable votes have been received by the time of the Special Meeting may be acted upon and considered final regardless of whether the Special Meeting is adjourned to permit additional solicitation with respect to any other proposals. FINANCIAL INFORMATION. A copy of the Annual Report for each Fund for the most recent fiscal year, including financial statements, has previously been mailed to shareholders. Upon request, a Fund will furnish, without charge, to any of its shareholders, a copy of the Annual Report of the Fund for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. Such requests may be directed to GMO Shareholder Services, 40 Rowes Wharf, Boston, Massachusetts 02110, or by calling collect (617) 346-7646. ADDITIONAL INFORMATION. The costs of solicitation of proxies will be borne by the Trust. In addition to soliciting proxies by mail, the Trustees of your Fund and employees of the Trust may solicit proxies in person or by telephone. FUND INFORMATION INVESTMENT ADVISER AND DISTRIBUTOR. Grantham, Mayo, Van Otterloo & Co. LLC serves as the Trust's investment adviser. Funds Distributor, Inc. ("FDI"), 100 Summer Street, 15th Floor, Boston, Massachusetts 02110, serves as the Trust's distributor on behalf of each of the Funds, except GMO Short-Duration Collateral Fund, GMO Special Purpose Holding Fund, GMO Taiwan Fund, and GMO World Opportunity Overlay Fund, which are not available for public distribution. LIMITATION OF TRUSTEE LIABILITY. The Amended and Restated By-laws of the Trust provide that the Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, Manager, or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee; provided, however, that no Trustee shall be protected against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. The Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, to serve as each Fund's independent registered public accounting firm for the current fiscal year. PricewaterhouseCoopers LLP conducts annual audits of the Trust's financial statements, assists in the preparation of each Fund's federal and state income tax returns, consults with the Trust as to matters of accounting and federal and state income taxation, and provides assistance in connection with the preparation of various Securities and Exchange Commission filings. If requested in writing by any shareholder at least five days prior to the date of the Special Meeting, a representative of PricewaterhouseCoopers LLP will be available to make a statement if desired and to respond to appropriate questions. Exhibit D to this proxy sets forth, for each Fund's two most recent fiscal years, the fees billed by PricewaterhouseCoopers LLP for (a) all audit and non-audit services provided directly to the Fund, (b) those non-audit services provided to the Manager or any entity controlling, controlled by, or under common control with the Manager that provides ongoing services to the Fund (each, a "Service Affiliate") that relate directly to the operations and financial reporting of such Fund, and (c) aggregate non-audit fees in each of the last two fiscal years to each Fund and its Service Affiliates. 10 PRE-APPROVAL POLICIES OF THE INDEPENDENT TRUSTEES/AUDIT COMMITTEE. The Independent Trustees/Audit Committee has adopted an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services to be performed by the independent auditor are to be pre-approved. Under the Policy, the Independent Trustees/Audit Committee pre-approves, on an annual basis, the following services: (1) the engagement, scope and terms of the annual audit; (2) certain audit-related services; (3) certain tax services that the Committee believes would not impair, and are consistent with the SEC's rules on, auditor independence; and (4) those permissible non-audit services that the Committee believes are routine and recurring services and that would not impair, and are consistent with the SEC's rules on, auditor independence, subject to certain limitations on the projected fees associated with each service. All other types of services not included on the schedule, or for which the projected fees exceed those provided in the schedule, require the specific pre-approval by the Independent Trustees/Audit Committee or the Chairperson of the Committee (if timing necessitates that pre-approval is required before the Committee's next regularly scheduled meeting) if they are to be provided by the independent auditor. The Trust's Independent Trustees/Audit Committee has considered whether the provision of non-audit services by a Fund's independent registered public accounting firm to the Fund's Service Affiliates that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Fund) was compatible with maintaining the independence of the independent registered public accounting firm as the Fund's auditors. OTHER INFORMATION. Please refer to attached Exhibits E through I for additional information about the Funds and the Trust, including information about the Trust's Officers, shares outstanding in the classes offered by your Fund, and a list of beneficial owners known by the Trust to own beneficially 5% or more of the outstanding shares of a class of a Fund in the Trust as of January 14, 2005. PLEASE EXECUTE AND RETURN THE ENCLOSED PROXY PROMPTLY TO ENSURE THAT A QUORUM IS PRESENT AT THE MEETING. A SELF-ADDRESSED, POSTAGE PREPAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE. February 23, 2005 11 EXHIBIT A -- TRUSTEE COMPENSATION --------------------------------- Other than as set forth in the table below, no Trustee or Officer of the Trust received any direct compensation from the Trust or any Fund during the fiscal year ended February 29, 2004.
NAME OF PERSON, POSITION ------------------------------------------ DONALD W. GLAZER, ESQ., JAY O. LIGHT, TRUSTEE TRUSTEE COMPENSATION FROM EACH FUND: Alpha Only Fund $ 279 $ 279 Benchmark-Free Allocation Fund 299 299 Core Plus Bond Fund 1,834 1,836 Currency Hedged International Bond Fund 116 116 Currency Hedged International Equity Fund 335 335 Domestic Bond Fund 955 956 Emerging Countries Fund 951 952 Emerging Country Debt Fund 10,844 9,550 Emerging Country Debt Share Fund 446 447 Emerging Markets Fund 19,809 19,825 Emerging Markets Quality Fund 700 701 Foreign Fund 13,974 13,985 Foreign Small Companies Fund 4,118 4,124 Global Balanced Asset Allocation Fund 1,926 1,928 Global Bond Fund 872 872 Global Growth Fund N/A* N/A* Global (U.S.+) Equity Allocation Fund 857 859 Growth Fund 2,158 2,160 Inflation Indexed Bond Fund 1,765 1,766 International Bond Fund 822 823 International Disciplined Equity Fund 513 513 International Equity Allocation Fund 757 758 International Growth Fund 1,323 1,324 International Intrinsic Value Fund 8,466 8,472 International Small Companies Fund 4,878 4,882 Intrinsic Value Fund 334 334 Real Estate Fund 939 939 Short-Duration Collateral Fund 7,444 6,336 Short-Duration Investment Fund 1,121 1,125 Small Cap Growth Fund 161 161 Small Cap Value Fund 977 978 Special Purpose Holding Fund 13,300** 11,850** Taiwan Fund 527 527 Tax-Managed International Equities Fund 649 650 Tax-Managed Small Companies Fund 120 120 Tax-Managed U.S. Equities Fund 255 255 Tobacco-Free Core Fund 2,973 2,975 U.S. Core Fund 15,710 15,722 U.S. Quality Equity Fund 0*** 0*** U.S. Sector Fund 192 192 Value Fund 301 301 World Opportunity Overlay Fund N/A* N/A* PENSION OR RETIREMENT BENEFITS ACCRUED AS PART OF FUND EXPENSES: N/A N/A ESTIMATED ANNUAL BENEFITS UPON RETIREMENT: N/A N/A TOTAL COMPENSATION FROM THE TRUST: $124,000 $120,230
A-1 - ------------ * As of February 29, 2004, the Fund had not commenced operations and, therefore, did not pay any compensation to the Trustees as of February 29, 2004. Following commencement of operations, this Fund will pay its pro rata share of the Trustees' total compensation from the Trust based on its pro rata share of the Trust's assets. It is estimated that Global Growth Fund will compensate Mr. Glazer in the amount of $120 and Mr. Light in the amount of $118 for the fiscal year ending February 28, 2005. It is estimated that World Opportunity Overlay Fund will pay compensation in the amount of $687 to both Mr. Glazer and Mr. Light for the fiscal year ending February 28, 2005. ** Reflects amounts paid to the Trustees by the Fund for the twelve-month period ending February 29, 2004. Effective with the period ending February 29, 2004, the Fund changed its fiscal year end from November 30 to February 28/29. The amounts set forth in the table include amounts paid during a portion (from March 1, 2003 through November 30, 2003) of the Fund's previous fiscal year ending November 30, 2003, and amounts paid during the interim (December 1, 2003 through February 29, 2004) fiscal period ending February 29, 2004. *** Reflects the period from the Fund's commencement of operations on February 6, 2004 through February 29, 2004, during which no compensation was paid to the Trustees. Following commencement of operations, the Fund pays its pro rata share of the Trustees' total compensation from the Trust based on its pro rata share of the Trust's assets. For the fiscal year ending February 28, 2005, it is estimated that the Fund will pay compensation in the amount of $3,195 to Mr. Glazer and compensation in the amount of $3,141 to Mr. Light. A-2 EXHIBIT B -- SHARE HOLDINGS --------------------------- The table below shows the dollar range of shares of those Funds beneficially owned directly by each nominee for Trustee as of January 14, 2005.
DOLLAR RANGE OF SHARES DIRECTLY OWNED NAME/ FUNDS OFFERED HEREUNDER IN FUNDS OFFERED HEREUNDER - ---------------------------------------------- -------------------------------------- DONALD W. GLAZER GMO Alpha Only Fund Over $100,000 GMO Emerging Country Debt Fund Over $100,000 GMO Emerging Markets Fund Over $100,000 GMO Emerging Markets Quality Fund Over $100,000 GMO Foreign Small Companies Fund Over $100,000 GMO Inflation Indexed Bond Fund Over $100,000 GMO International Small Companies Fund Over $100,000 Aggregate Dollar Range of Shares Owned Over $100,000 JAY O. LIGHT None None W. NICHOLAS THORNDIKE None None
The following table sets forth dollar ranges of the nominees' indirect beneficial share ownership in Funds of the Trust, as of January 14, 2005, by virtue of their direct ownership of shares of certain Funds (as disclosed in the immediately preceding table) that invest in other Funds of the Trust and of other private investment companies managed by the Manager that invest in Funds of the Trust.
DOLLAR RANGE OF SHARES INDIRECTLY OWNED NAME/ FUNDS OFFERED HEREUNDER IN FUNDS OFFERED HEREUNDER - ---------------------------------------------- ---------------------------------------- DONALD W. GLAZER GMO Emerging Markets Fund $10,001-$50,000 GMO International Growth Fund $50,001-$100,000 GMO International Intrinsic Value Fund $50,001-$100,000 GMO International Small Companies Fund $10,001-$50,000 GMO Real Estate Fund $1-$10,000 GMO Short-Duration Collateral Fund $10,001-$50,000 GMO Special Purpose Holding Fund $1-$10,000 GMO Taiwan Fund $1-$10,000 GMO U.S. Core Fund Over $100,000 GMO U.S. Quality Equity Fund $50,001-$100,000 GMO World Opportunity Overlay Fund $1-$10,000 Aggregate Dollar Range of Shares Owned Over $100,000 JAY O. LIGHT None None W. NICHOLAS THORNDIKE None None
B-1 Except as indicated below, as of January 14, 2005, the current Trustees and Officers of the Trust as a group owned less than 1% of the outstanding shares of each class of each Fund.
AGGREGATE % FUND CLASS OWNERSHIP INTEREST - ---- ----- ------------------ Alpha Only Fund ............................ III 2.60% International Bond Fund .................... III 4.92% International Small Companies Fund ......... III 1.54% Real Estate Fund ........................... III 1.30% Short-Duration Investment Fund ............. III 2.56%
B-2 EXHIBIT C -- OWNERSHIP IN RELATED COMPANIES ------------------------------------------- The table below sets forth information about securities owned by the independent nominees for Trustee and their family members, as of December 31, 2004, in entities directly or indirectly controlling, controlled by, or under common control with, the Manager or Funds Distributor, Inc., the Funds' principal underwriter.
NAME OF OWNERS NAME OF AND RELATIONSHIP TITLE OF VALUE OF PERCENT OF NOMINEE TO NOMINEE COMPANY CLASS SECURITIES CLASS - -------------------------------------------------------------------------------------------------------------------------- Donald W. Glazer Self GMO Tax-Managed Absolute Limited $420,726 4.20% Return Fund, a private partnership interest investment company managed -- Class C by the Manager.1 - -------------------------------------------------------------------------------------------------------------------------- GMO Multi-Strategy Fund Limited $418,351 0.38% (Onshore), a private partnership interest investment company managed -- Class A by the Manager.1 - -------------------------------------------------------------------------------------------------------------------------- GMO Brazil Sustainable Limited $0 1.95% Forest Fund, LP, a private partnership interest investment company managed by Renewable Resources LLC, an affiliate of the Manager.2 - -------------------------------------------------------------------------------------------------------------------------- GMO Brazil Sustainable Limited $0 2.02% Forest Fund 2, LP, a private partnership interest investment company managed by Renewable Resources LLC, an affiliate of the Manager.2 - --------------------------------------------------------------------------------------------------------------------------
1 The Manager may be deemed to "control" this fund by virtue of its serving as investment manager of the fund. 2 The Manager may be deemed to "control" this fund by virtue of its affiliation with and role as managing member of Renewable Resources LLC. C-1 EXHIBIT D -- FEES BILLED BY AUDITORS ------------------------------------ Exhibit D sets forth, for each Fund's two most recent fiscal years, the fees billed by PricewaterhouseCoopers LLP for (a) all audit and non-audit services provided directly to the Fund and (b) those non-audit services provided to the Manager or any entity controlling, controlled by, or under common control with the Manager that provides ongoing services to the Fund (each, a "Service Affiliate") that related directly to the operations and financial reporting of such Fund. These fees are categorized under the following captions: Audit Fees: Fees related to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements. Audit-Related Fees: Fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under "Audit Fees," including accounting consultations for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation. Tax Fees: Fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, and tax distribution and analysis reviews. All Other Fees: Fees for products and services provided by the Auditor other than those reported under "Audit Fees," "Audit-Related Fees," and "Tax Fees." During the periods indicated in the table below, no services described under "Audit-Related Fees," "Tax Fees" or "All Other Fees" were approved pursuant to the de minimis exception set forth in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for the Funds or the Funds' Service Affiliates. Fees billed in each of the last two fiscal years for services rendered to a Fund by PricewaterhouseCoopers LLP:
AUDIT AUDIT-RELATED TAX FUND PERIOD FEES FEES FEES - -------------------------------------------------------------------------------------------------------------------------- GMO Alpha Only Fund February 29, 2004 $ 20,799.14 -- $ 10,815.43 -------------------------------------------------------------------------- February 28, 2003 $ 19,000.00 -- $ 13,134.59 - -------------------------------------------------------------------------------------------------------------------------- GMO Benchmark-Free Allocation Fund February 29, 2004 $ 11,192.88 -- $ 5,464.69 -------------------------------------------------------------------------- February 28, 2003 -- -- -- - -------------------------------------------------------------------------------------------------------------------------- GMO Core Plus Bond Fund February 29, 2004 $ 30,697.51 -- $ 18,602.17 -------------------------------------------------------------------------- February 28, 2003 $ 27,000.00 -- $ 19,892.66 - -------------------------------------------------------------------------------------------------------------------------- GMO Currency Hedged International Bond Fund February 29, 2004 $ 44,124.48 -- $ 17,206.83 -------------------------------------------------------------------------- February 28, 2003 $ 37,000.00 -- $ 16,444.83 - -------------------------------------------------------------------------------------------------------------------------- GMO Currency Hedged International Equity Fund February 29, 2004 $ 27,319.84 -- $ 18,427.00 -------------------------------------------------------------------------- February 28, 2003 $ 24,000.00 -- $ 20,157.59 - -------------------------------------------------------------------------------------------------------------------------- GMO Domestic Bond Fund February 29, 2004 $ 28,639.58 -- $ 10,959.63 -------------------------------------------------------------------------- February 28, 2003 $ 25,500.00 -- $ 9,045.29 - -------------------------------------------------------------------------------------------------------------------------- GMO Emerging Countries Fund February 29, 2004 $ 42,174.43 -- $ 15,175.21 -------------------------------------------------------------------------- February 28, 2003 $ 36,000.00 -- $ 12,366.12 - -------------------------------------------------------------------------------------------------------------------------- GMO Emerging Country Debt Fund February 29, 2004 $ 87,862.04 -- $ 50,415.39 -------------------------------------------------------------------------- February 28, 2003 $ 75,000.00 -- $ 21,290.53 - --------------------------------------------------------------------------------------------------------------------------
D-1
AUDIT AUDIT-RELATED TAX FUND PERIOD FEES FEES FEES - -------------------------------------------------------------------------------------------------------------------------- GMO Emerging Country Debt Share Fund February 29, 2004 $ 6,491.95 -- $ 5,383.00 ------------------------------------------------------------------------------ February 28, 2003 $ 6,000.00 -- $ 5,227.82 - -------------------------------------------------------------------------------------------------------------------------- GMO Emerging Markets Fund February 29, 2004 $ 95,374.56 -- $ 55,015.90 ------------------------------------------------------------------------------ February 28, 2003 $ 75,000.00 -- $ 50,602.85 - -------------------------------------------------------------------------------------------------------------------------- GMO Emerging Markets Quality Fund February 29, 2004 $ 33,254.36 -- $ 13,271.61 ------------------------------------------------------------------------------ February 28, 2003 $ 31,000.00 -- $ 12,816.02 - -------------------------------------------------------------------------------------------------------------------------- GMO Foreign Fund February 29, 2004 $ 45,253.71 -- $ 35,280.36 ------------------------------------------------------------------------------ February 28, 2003 $ 38,000.00 -- $ 18,996.82 - -------------------------------------------------------------------------------------------------------------------------- GMO Foreign Small Companies Fund February 29, 2004 $ 29,430.03 -- $ 19,476.60 ------------------------------------------------------------------------------ February 28, 2003 $ 26,000.00 -- $ 19,830.31 - -------------------------------------------------------------------------------------------------------------------------- GMO Global Balanced Asset Allocation Fund February 29, 2004 $ 11,846.35 -- $ 13,875.62 ------------------------------------------------------------------------------ February 28, 2003 $ 14,000.00 -- $ 43,060.23 - -------------------------------------------------------------------------------------------------------------------------- GMO Global Bond Fund February 29, 2004 $ 29,518.88 -- $ 21,609.38 ------------------------------------------------------------------------------ February 28, 2003 $ 27,000.00 -- $ 16,325.61 - -------------------------------------------------------------------------------------------------------------------------- GMO Global Growth Fund February 29, 2004 -- -- -- ------------------------------------------------------------------------------ February 28, 2003 -- -- -- - -------------------------------------------------------------------------------------------------------------------------- GMO Global (U.S.+) Equity Allocation Fund February 29, 2004 $ 11,170.47 -- $ 7,711.01 ------------------------------------------------------------------------------ February 28, 2003 $ 10,500.00 -- $ 6,442.65 - -------------------------------------------------------------------------------------------------------------------------- GMO Growth Fund February 29, 2004 $ 31,013.05 -- $ 13,555.15 ------------------------------------------------------------------------------ February 28, 2003 $ 28,000.00 -- $ 9,040.55 - -------------------------------------------------------------------------------------------------------------------------- GMO Inflation Indexed Bond Fund February 29, 2004 $ 20,776.10 -- $ 16,237.94 ------------------------------------------------------------------------------ February 28, 2003 $ 19,000.00 -- $ 12,610.75 - -------------------------------------------------------------------------------------------------------------------------- GMO International Bond Fund February 29, 2004 $ 32,754.49 -- $ 17,717.95 ------------------------------------------------------------------------------ February 28, 2003 $ 29,000.00 -- $ 16,684.23 - -------------------------------------------------------------------------------------------------------------------------- GMO International Disciplined Equity Fund February 29, 2004 $ 30,271.95 -- $ 13,721.79 ------------------------------------------------------------------------------ February 28, 2003 $ 27,000.00 $ 125.00 $ 12,816.02 - -------------------------------------------------------------------------------------------------------------------------- GMO International Equity Allocation Fund February 29, 2004 $ 11,233.56 -- $ 8,031.69 ------------------------------------------------------------------------------ February 28, 2003 $ 10,500.00 -- $ 6,442.65 - -------------------------------------------------------------------------------------------------------------------------- GMO International Growth Fund February 29, 2004 $ 30,434.06 -- $ 15,515.30 ------------------------------------------------------------------------------ February 28, 2003 $ 27,000.00 $ 125.00 $ 14,369.28 - -------------------------------------------------------------------------------------------------------------------------- GMO International Intrinsic Value Fund February 29, 2004 $ 45,171.52 -- $ 22,142.00 ------------------------------------------------------------------------------ February 28, 2003 $ 40,000.00 -- $ 21,372.95 - -------------------------------------------------------------------------------------------------------------------------- GMO International Small Companies Fund February 29, 2004 $ 44,019.51 -- $ 17,477.22 ------------------------------------------------------------------------------ February 28, 2003 $ 39,000.00 -- $ 15,639.73 - -------------------------------------------------------------------------------------------------------------------------- GMO Intrinsic Value Fund February 29, 2004 $ 31,548.98 -- $ 9,072.31 ------------------------------------------------------------------------------ February 28, 2003 $ 30,000.00 -- $ 8,095.55 - --------------------------------------------------------------------------------------------------------------------------
D-2
AUDIT AUDIT-RELATED TAX FUND PERIOD FEES FEES FEES - -------------------------------------------------------------------------------------------------------------------------- GMO Real Estate Fund February 29, 2004 $ 31,161.55 -- $ 10,709.12 ---------------------------------------------------------------------------- February 28, 2003 $ 29,000.00 -- $ 9,273.13 - -------------------------------------------------------------------------------------------------------------------------- GMO Short-Duration Collateral Fund February 29, 2004 $ 48,445.27 -- $ 35,914.24 ---------------------------------------------------------------------------- February 28, 2003 $ 47,700.20 -- $ 11,958.04 - -------------------------------------------------------------------------------------------------------------------------- GMO Short-Duration Investment Fund February 29, 2004 $ 18,217.77 -- $ 8,499.27 ---------------------------------------------------------------------------- February 28, 2003 $ 17,000.00 -- $ 10,393.46 - -------------------------------------------------------------------------------------------------------------------------- GMO Small Cap Growth Fund February 29, 2004 $ 27,327.02 -- $ 9,525.19 ---------------------------------------------------------------------------- February 28, 2003 $ 25,000.00 -- $ 9,145.55 - -------------------------------------------------------------------------------------------------------------------------- GMO Small Cap Value Fund February 29, 2004 $ 32,235.53 -- $ 11,044.00 ---------------------------------------------------------------------------- February 28, 2003 $ 30,000.00 -- $ 10,720.55 - -------------------------------------------------------------------------------------------------------------------------- GMO Special Purpose Holding Fund February 29, 2004 $ 95,143.01 -- $ 14,093.76 ---------------------------------------------------------------------------- February 28, 2003 $ 50,799.80 -- $ 15,093.80 - -------------------------------------------------------------------------------------------------------------------------- GMO Taiwan Fund February 29, 2004 $ 29,597.26 -- $ 10,442.77 ---------------------------------------------------------------------------- February 28, 2003 $ 26,000.00 -- $ 5,565.00 - -------------------------------------------------------------------------------------------------------------------------- GMO Tax-Managed International Equities Fund February 29, 2004 $ 30,236.70 -- $ 13,321.08 ---------------------------------------------------------------------------- February 28, 2003 $ 27,000.00 -- $ 12,816.02 - -------------------------------------------------------------------------------------------------------------------------- GMO Tax-Managed Small Companies Fund February 29, 2004 $ 26,265.60 -- $ 9,251.22 ---------------------------------------------------------------------------- February 28, 2003 $ 25,000.00 -- $ 8,333.63 - -------------------------------------------------------------------------------------------------------------------------- GMO Tax-Managed U.S. Equities Fund February 29, 2004 $ 26,813.37 -- $ 9,120.40 ---------------------------------------------------------------------------- February 28, 2003 $ 25,000.00 -- $ 11,331.67 - -------------------------------------------------------------------------------------------------------------------------- GMO Tobacco-Free Core Fund February 29, 2004 $ 27,660.64 -- $ 17,329.44 ---------------------------------------------------------------------------- February 28, 2003 $ 26,000.00 -- $ 15,637.12 - -------------------------------------------------------------------------------------------------------------------------- GMO U.S Core Fund February 29, 2004 $ 44,251.87 -- $ 11,136.00 ---------------------------------------------------------------------------- February 28, 2003 $ 39,000.00 -- $ 10,814.26 - -------------------------------------------------------------------------------------------------------------------------- GMO U.S. Quality Equity Fund February 29, 2004 $ 22,100.60 -- -- ---------------------------------------------------------------------------- February 28, 2003 -- -- -- - -------------------------------------------------------------------------------------------------------------------------- GMO U.S. Sector Fund February 29, 2004 $ 11,070.88 -- $ 9,359.24 ---------------------------------------------------------------------------- February 28, 2003 $ 10,500.00 -- $ 8,818.53 - -------------------------------------------------------------------------------------------------------------------------- GMO Value Fund February 29, 2004 $ 31,935.50 -- $ 9,936.09 ----------------------------------------------------------------------------- February 28, 2003 $ 31,000.00 -- $ 9,460.55 - -------------------------------------------------------------------------------------------------------------------------- GMO World Opportunity Overlay Fund February 29, 2004 -- -- -- ---------------------------------------------------------------------------- February 28, 2003 -- -- -- - -------------------------------------------------------------------------------------------------------------------------- Totals February 29, 2004 $ 1,334,836.00 -- $ 631,843.00 ---------------------------------------------------------------------------- February 28, 2003 $ 1,129,500.00 $ 250.00 $ 552,066.94 - --------------------------------------------------------------------------------------------------------------------------
For each Fund's two most recently completed fiscal years, no fees were billed by PricewaterhouseCoopers LLP to the Funds that would be disclosed under the caption "All Other Fees." D-3 For the fiscal years ended February 28, 2003 and February 29, 2004, respectively, fees billed by PricewaterhouseCoopers LLP for non-audit services provided to the Funds' Service Affiliates were $86,950.00 and $115,100.00. These fees are categorized as "All Other Fees," and were billed to the Funds' Service Affiliates in connection with engagements that related directly to the operations and financial reporting of all the Funds that are series of GMO Trust, as well as other accounts managed by the Manager. None of these fees were attributable to engagements for services that related directly to a specific Fund. For the fiscal years ended February 28, 2003 and February 29, 2004, respectively, aggregate fees billed by PricewaterhouseCoopers LLP for non-audit services rendered to the Funds and for non-audit services rendered to the Funds' Service Affiliates were $639,266.94 and $817,943.00. For the fiscal year ended February 28, 2003, this amount reflects the aggregate of (x) $552,316.94 in tax and audit-related fees billed to the Funds, as shown in the above table, plus (y) $86,950.00 in fees billed to the Funds' Service Affiliates for engagements that related directly to the operations and financial reporting of the Funds. For the fiscal year ended February 29, 2004, this amount represents the aggregate of (x) $631,843.00 in tax fees billed to the Funds, as shown in the above table, plus (y) $115,100.00 in fees billed to the Funds' Service Affiliates for engagements that related directly to the operations and financial reporting of the Funds, plus (z) $71,000.00 in fees billed to the Funds' Service Affiliates for non-audit services that did not relate directly to the operations and financial reporting of the Funds. No amounts were attributable to engagements for services rendered to a specific Fund, other than those shown in the above table. D-4 EXHIBIT E -- OFFICER INFORMATION -------------------------------- The table below lists certain information concerning the Officers of the Trust. Officers are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she resigns or is removed from office. The address of each Officer is c/o GMO Trust, 40 Rowes Wharf, Boston, Massachusetts 02110.
PRINCIPAL NAME AND POSITION(S) HELD LENGTH OF OCCUPATION(S) DATE OF BIRTH WITH THE TRUST TIME SERVED DURING PAST 5 YEARS - -------------------------------------------------------------------------------------------------------------------------- Scott Eston President and Chief President and Chief Chief Financial Officer, Chief DOB: 01/20/1956 Executive Officer Executive Officer since Operating Officer (2000-present) October 2002; Vice and Member, Grantham, Mayo, President from August Van Otterloo & Co. LLC. 1998 - October 2002. - -------------------------------------------------------------------------------------------------------------------------- Susan Randall Harbert Chief Financial Officer and Chief Financial Officer Member, Grantham, Mayo, Van DOB: 04/25/1957 Treasurer since February 2000; Otterloo & Co. LLC. Treasurer since February 1998. - -------------------------------------------------------------------------------------------------------------------------- Brent C. Arvidson Assistant Treasurer Since August 1998. Senior Fund Administrator, DOB: 06/26/1969 Grantham, Mayo, Van Otterloo & Co. LLC. - -------------------------------------------------------------------------------------------------------------------------- Sheppard N. Burnett Assistant Treasurer Since September 2004. Fund Administration Staff, DOB: 10/24/1968 Grantham, Mayo, Van Otterloo & Co. LLC (June 2004-present); Vice President, Director of Tax, Columbia Management Group (2002-2004) and Senior Tax Manager (2000-2002) and Tax Manager (1999-2000), PricewaterhouseCoopers. - -------------------------------------------------------------------------------------------------------------------------- Scott D. Hogan Chief Compliance Officer Since October 2004. Legal Counsel, Grantham, Mayo, DOB: 01/06/1970 Van Otterloo & Co. LLC (2000- 2004) and Senior Legal Product Specialist, Scudder Kemper Investments, Inc. (1999-2000). - -------------------------------------------------------------------------------------------------------------------------- William R. Royer, Esq. Vice President and Clerk Vice President since General Counsel, Anti-Money DOB: 07/20/1965 February 1997; Clerk Laundering Reporting Officer since March 2001, May (July 2002-February 2003) and 1999-August 1999. Member, Grantham, Mayo, Van Otterloo & Co. LLC. - -------------------------------------------------------------------------------------------------------------------------- Elaine M. Hartnett, Esq. Vice President and Vice President since Associate General Counsel, DOB: 02/18/1945 Secretary August 1999; Secretary Grantham, Mayo, Van Otterloo & since March 2001. Co. LLC (June 1999-present). - -------------------------------------------------------------------------------------------------------------------------- Julie L. Perniola Vice President Vice President, February, Anti-Money Laundering DOB: 10/07/1970 2003-present; Anti- Reporting Officer (February Money Laundering 2003-December 2004) and Chief Compliance Officer, Compliance Officer (April February 2003-December 1995-present), Grantham, Mayo, 2004. Van Otterloo & Co. LLC. - -------------------------------------------------------------------------------------------------------------------------- Cheryl Wakeham Vice President and Anti- Since December 2004. Manager, Client Service DOB: 10/29/1958 Money Laundering Officer Administration, Grantham, Mayo, Van Otterloo & Co. LLC (February 1999-present). - --------------------------------------------------------------------------------------------------------------------------
Mr. Eston, Ms. Harbert, Mr. Arvidson, Mr. Burnett, Ms. Hartnett, and Ms. Wakeham also serve as directors or officers of one or more subsidiaries or affiliates of Grantham, Mayo, Van Otterloo & Co. LLC and/or one or more unregistered investment companies managed by Grantham, Mayo, Van Otterloo & Co. LLC and its subsidiaries. E-1 EXHIBIT F -- SHARES OUTSTANDING ------------------------------- The table below lists the shares outstanding of your Fund as of February 11, 2005.
SHARE SHARES FUND NAME CLASS OUTSTANDING - ------------------------------------------------------------------------------------ GMO Alpha Only Fund Class III 16,661,087.305 - ------------------------------------------------------------------------------------ GMO Benchmark-Free Allocation Fund Class III 40,299,141.240 - ------------------------------------------------------------------------------------ GMO Core Plus Bond Fund Class III 111,695,793.680 ---------------------------------- Class M N/A - ------------------------------------------------------------------------------------ GMO Currency Hedged International Bond Fund Class III 103,997,729.010 ---------------------------------- Class M N/A - ------------------------------------------------------------------------------------ GMO Currency Hedged International Equity Fund Class III 69,355,032.273 ---------------------------------- Class M N/A - ------------------------------------------------------------------------------------ GMO Domestic Bond Fund Class III 74,611,330.242 ---------------------------------- Class M N/A - ------------------------------------------------------------------------------------ GMO Emerging Countries Fund Class III 15,439,675.044 ---------------------------------- Class M 4,304,455.407 - ------------------------------------------------------------------------------------ GMO Emerging Country Debt Fund Class III 97,204,842.315 ---------------------------------- Class IV 139,739,110.760 ---------------------------------- Class M N/A - ------------------------------------------------------------------------------------ GMO Emerging Country Debt Share Fund Class III 12,303,301.382 ---------------------------------- Class M N/A - ------------------------------------------------------------------------------------ GMO Emerging Markets Fund Class III 232,871,239.270 ---------------------------------- Class IV 171,195,821.664 ---------------------------------- Class V 2,027,530.987 ---------------------------------- Class VI 109,525,887.565 - ------------------------------------------------------------------------------------ GMO Emerging Markets Quality Fund Class III 10,506,129.780 ---------------------------------- Class IV 13,363,949.276 - ------------------------------------------------------------------------------------ GMO Foreign Fund Class II 53,314,150.814 ---------------------------------- Class III 241,862,888.926 ---------------------------------- Class IV 77,037,318.972 ---------------------------------- Class M 219,754.857 - ------------------------------------------------------------------------------------ GMO Foreign Small Companies Fund Class III 25,780,012.704 ---------------------------------- Class IV 32,974,426.071 - ------------------------------------------------------------------------------------ GMO Global Balanced Asset Allocation Fund Class III 90,845,333.679 - ------------------------------------------------------------------------------------ GMO Global Bond Fund Class III 18,734,809.670 ---------------------------------- Class M N/A - ------------------------------------------------------------------------------------
F-1
SHARE SHARES FUND NAME CLASS OUTSTANDING - ------------------------------------------------------------------------------ GMO Global Growth Fund Class III 2,557,079.041 -------------------------------- Class IV N/A - ------------------------------------------------------------------------------ GMO Global (U.S.+) Equity Allocation Fund Class III 28,866,939.584 - ------------------------------------------------------------------------------ GMO Growth Fund Class III 19,368,887.668 -------------------------------- Class M 14,807,305.770 - ------------------------------------------------------------------------------ GMO Inflation Indexed Bond Fund Class III 61,402,156.756 -------------------------------- Class M N/A - ------------------------------------------------------------------------------ GMO International Bond Fund Class III 41,813,196.644 -------------------------------- Class M N/A - ------------------------------------------------------------------------------ GMO International Disciplined Equity Fund Class III 10,435,566.725 -------------------------------- Class IV 8,297,403.488 -------------------------------- Class M N/A - ------------------------------------------------------------------------------ GMO International Equity Allocation Fund Class III 32,323,302.124 - ------------------------------------------------------------------------------ GMO International Growth Fund Class III 60,135,174.553 -------------------------------- Class M N/A - ------------------------------------------------------------------------------ GMO International Intrinsic Value Fund Class II 7,504,155.091 -------------------------------- Class III 61,823,472.219 -------------------------------- Class IV 69,877,374.254 -------------------------------- Class V N/A -------------------------------- Class VI N/A -------------------------------- Class M 601,354.494 - ------------------------------------------------------------------------------ GMO International Small Companies Fund Class III 86,015,337.007 - ------------------------------------------------------------------------------ GMO Intrinsic Value Fund Class III 9,805,337.494 -------------------------------- Class IV N/A -------------------------------- Class M N/A - ------------------------------------------------------------------------------ GMO Real Estate Fund Class III 16,122,174.449 -------------------------------- Class M N/A - ------------------------------------------------------------------------------ GMO Short-Duration Collateral Fund 136,800,837.531 - ------------------------------------------------------------------------------ GMO Short-Duration Investment Fund Class III 3,271,098.912 -------------------------------- Class M N/A - ------------------------------------------------------------------------------ GMO Small Cap Growth Fund Class III 1,790,303.222 - ------------------------------------------------------------------------------ GMO Small Cap Value Fund Class III 6,493,857.405 - ------------------------------------------------------------------------------ GMO Special Purpose Holding Fund 554,071.270 - ------------------------------------------------------------------------------ GMO Taiwan Fund 7,846,415.638 - ------------------------------------------------------------------------------
F-2
SHARE SHARES FUND NAME CLASS OUTSTANDING - --------------------------------------------------------------------------------- GMO Tax-Managed International Equities Fund Class III 33,617,588.387 - --------------------------------------------------------------------------------- GMO Tax-Managed Small Companies Fund Class III 1,599,020.268 - --------------------------------------------------------------------------------- GMO Tax-Managed U.S. Equities Fund Class III 6,702,626.339 - --------------------------------------------------------------------------------- GMO Tobacco-Free Core Fund Class III 18,033,011.931 --------------------------------- Class IV 11,588,087.774 --------------------------------- Class M N/A - --------------------------------------------------------------------------------- GMO U.S. Core Fund Class II 45,543,284.771 --------------------------------- Class III 122,841,457.743 --------------------------------- Class IV 62,454,463.000 --------------------------------- Class V 0.000 --------------------------------- Class VI 120,728,744.021 --------------------------------- Class M 12,191,887.285 - --------------------------------------------------------------------------------- GMO U.S. Quality Equity Fund Class III 20,786,241.405 --------------------------------- Class IV 46,074,830.142 - --------------------------------------------------------------------------------- GMO U.S. Sector Fund Class III 23,632,253.623 - --------------------------------------------------------------------------------- GMO Value Fund Class III 4,175,128.818 --------------------------------- Class M 1,702,225.126 - --------------------------------------------------------------------------------- GMO World Opportunity Overlay Fund 22,357,898.074 - ---------------------------------------------------------------------------------
F-3 EXHIBIT G -- BENEFICIAL OWNERSHIP --------------------------------- The table below sets forth the names, addresses and percentage ownership of those shareholders known by the Trust to own beneficially 5% or more of the outstanding shares of a class of a Fund in the Trust as of January 14, 2005.
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ------------------------------------------------------------------------------------------------------- GMO Alpha Class III Evergreen Asset Allocation Fund GMO Global Balanced Asset Only Fund 200 Berkeley St Allocation Fund 21st Floor Fund Administration Attn. Laura Whitten Boston, MA 02116 GMO LLC (72.4%) 40 Rowes Wharf Boston, MA 02110 (17.1%) - ------------------------------------------------------------------------------------------------------- GMO Class III Screen Actors Guild Producers The Ministers and Missionaries Benchmark-Free Pension Plan Benefit Board of Allocation Fund Attn. Keith Walker A/R & American Baptist Churches Finance Manager Attn. Steven Chin Manager/ 3601 West Olive Avenue Investment Analyst Burbank, CA 91505 475 Riverside Drive Suite 1700 (13.7%) New York, NY 10115 (8.5%) The Northern Trust Company, as Bost & Co A/C WBHF7000702 Trustee FBO Olin Pension Plans FBO WB Hilton Crut Master Retirement Trust Mutual Funds Operations Attn. Special Assets P.O. Box 3198 P.O. Box 92956 Pittsburgh, PA 15230-3198 Chicago, IL 60676 (5.6%) (8.8%) - ------------------------------------------------------------------------------------------------------- GMO Core Plus Class III Evergreen Asset Allocation Fund Bost & Co. A/C NYXF174740 Bond Fund 200 Berkeley St (Verizon -- Core Plus) 21st Floor Fund Administration Mutual Funds Operations Boston, MA 02116 P.O. Box 3198 (51.3%) Pittsburgh, PA 15230-3198 (17.0%) GMO Global Balanced Asset JPMorgan Chase Bank, as Trustee for Allocation Fund GMAM Group Pension Trust II Attn. Laura Whitten Nicole Stephenson GMO LLC JPMorgan Chase 40 Rowes Wharf 3 Chase Metrotech Center, 5th Floor Boston, MA 02110 Brooklyn, NY 11245 (10.4%) (5.7%) - -------------------------------------------------------------------------------------------------------
G-1
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - --------------------------------------------------------------------------------------------------------------- GMO Currency Class III GMO Benchmark-Free Evergreen Asset Allocation Fund Hedged Allocation Fund 200 Berkeley St International Attn. Julie Coady 21st Floor Fund Administration Bond Fund c/o GMO Boston, MA 02116 40 Rowes Wharf (26.6%) Boston, MA 02110 (27.5%) GMO Global Balanced Asset Allocation Fund JPMorgan Chase Bank, Attn. Laura Whitten as Trustee for GMO LLC GMAM Group Pension Trust II 40 Rowes Wharf Nicole Stephenson Boston, MA 02110 JPMorgan Chase (7.2%) 3 Chase Metrotech Center, 5th Floor Brooklyn, NY 11245 State Street Nominees Limited (10.0%) AC JFBA Attn. Eileen Crow Settlements 525 Ferry Road Edinburgh, Scotland, EH5 2A W (5.8%) - --------------------------------------------------------------------------------------------------------------- GMO Currency Class III Evergreen Asset Allocation Fund GMO Benchmark-Free Allocation Fund Hedged International 200 Berkeley St Attn. Julie Coady Equity Fund 21st Floor Fund Administration c/o GMO Boston, MA 02116 40 Rowes Wharf (42.6%) Boston, MA 02110 (14.8%) JPMorgan Chase Bank, GMO Global Balanced Asset as Trustee for Allocation Fund GMAM Group Pension Trust II Attn. Laura Whitten Nicole Stephenson GMO LLC JPMorgan Chase 40 Rowes Wharf 3 Chase Metrotech Center, 5th Floor Boston, MA 02110 Brooklyn, NY 11245 (8.1%) (9.6%) - --------------------------------------------------------------------------------------------------------------- GMO Domestic Class III Evergreen Asset Allocation Fund GMO Global Balanced Asset Bond Fund 200 Berkeley St Allocation Fund 21st Floor Fund Administration Attn. Laura Whitten Boston, MA 02116 GMO LLC (71.0%) 40 Rowes Wharf Boston, MA 02110 (14.0%) - --------------------------------------------------------------------------------------------------------------- GMO Emerging Class III National Bank of Canada Trust Company of Illinois Countries Fund Attn. Louis Vachon Attn. Trust Operations Senior Vice President 45 S. Park Blvd 1155 Metcalfe, First Floor Suite 300 Montreal Quebec H3B 5G2 Glen Ellyn, IL 60137 (18.7%) (10.8%) Charles Schwab & Co Inc FBO 96472125 San Francisco, CA 94104-4122 Attn. Mutual Funds Operations 333/4 101 Montgomery Street San Francisco, CA 94104 (7.8%) - ---------------------------------------------------------------------------------------------------------------
G-2
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ------------------------------------------------------------------------------------------------------------------ Class M National Financial Services LLC American Express Trust Co. For the Exclusive Benefits of Our FBO American Express Trust Customers -- NT Retirement Services Plans 200 Liberty Street American Express Trust Company One World Financial 50534 AXP Financial Center New York, NY 10281 Minneapolis, MN 55474 (71.9%) (24.8%) - ------------------------------------------------------------------------------------------------------------------ GMO Emerging Class III GMO Emerging Country Boston Safe Deposit & Trust Co Country Debt Fund Debt Share Fund FBO The Phillips Electronics North Attn. Rick Okerman America Corp Master Retirement Trust 40 Rowes Wharf Attn. Eric Sassone, Trust Officer Boston, MA 02110 125 Santilli Highway AIM 026 0036 (11.8%) Everett, MA 02149-1950 (7.4%) Jayvee & Co Private Syndicate Pty Ltd, For CIBC Mellon Trust Co Trustee as Trustee of the of the CN Pension Trust Funds Alternative Investment Private Syndicate Attn. LP Constantin Attn. Mr. Peter A. Norman 320 Bay Street 6th Floor Level 18 321 Exhibition St Toronto Ontario Canada M5H 4A6 Melbourne, Victoria 3000, Australia Attention Pooled Funds (6.2%) (7.1%) University of Southern California Attn. Jeffrey Fischer 840 Childs Way BKS 402 Los Angeles, CA 90089-2541 (5.3%) ---------------------------------------------------------------------------------------------- Class IV State of Wisconsin Investment Board San Francisco City & (SWIB) Fixed Trust Fund County Retirement System Attn. Janice Anderson Attn. Ted Wong, Head Accountant P.O. Box 7842 30 Van Ness Avenue Suite 3000 Madison, WI 53707 San Francisco, CA 94102 (22.3%) (17.3%) GMAM Group Pension Trust II Pension Reserves Investment Trust JPMorgan Chase Bank Attn. Stan Mavromates Donald E. Johnson 84 State Street Suite 250 3 Chase Metrotech Center Boston, MA 02144 5th Floor (15.7%) Brooklyn, NY 11245 (22.2%) GMO Benchmark-Free Allocation Fund Attn. Julie Coady c/o GMO 40 Rowes Wharf Boston, MA 02110 (6.0%) - ------------------------------------------------------------------------------------------------------------------ GMO Emerging Class III Sprint Corporate Master Trust Fidelity Investments Institutional Country 6220 Sprint Parkway Operations Company (FIIOC) Debt Share Fund Overland Park, KS 66251 As Agent for Certain Employee (63.4%) Benefit Plans 100 Magellan Way (KW1C) Covington, KY 41015 (36.6%) - ------------------------------------------------------------------------------------------------------------------
G-3
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------- GMO Class III Charles Schwab & Co. Inc. Charles Schwab & Co. Inc. Emerging FBO 51055025 FBO 57615172 Markets Amherst, MA 01002-9506 Indian Wells Fund Attn. Mutual Funds Operations Attn. Mutual Funds Operations 333/4 333/4 101 Montgomery Street 101 Montgomery Street San Francisco, CA 94104 San Francisco, CA 94104 (11.2%) (21.0%) Charles Schwab & Co. Inc. Charles Schwab & Co. Inc. FBO 30881383 FBO 86957261 Waltham, MA 02453-1480 Cayucos, CA 93430-1620 Attn. Mutual Funds Operations 333/4 Attn. Mutual Funds Operations 101 Montgomery Street 333/4 San Francisco, CA 94104 101 Montgomery Street (6.7%) San Francisco, CA 94104 (7.7%) Charles Schwab & Co. Inc. FBO 54301935 Charles Schwab & Co. Inc. Shelburne, VT 05482-6304 FBO 91216370 Attn. Mutual Funds Operations 333/4 Waltham, MA 02453-1480 101 Montgomery Street Attn. Mutual Funds Operations San Francisco, CA 94104 333/4 (7.0%) 101 Montgomery Street San Francisco, CA 94104 (6.6%) Charles Schwab & Co. Inc. FBO 87135695 Sudbury, MA 01776-1938 Attn. Mutual Funds Operations 333/4 101 Montgomery Street San Francisco, CA 94104 (5.8%) -----------------------------------------------------------------------------------
G-4
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - -------------------------------------------------------------------------------------------------- Class IV Mr. Peter Manley Exxon Mobil Master Pension Trust GMO Emerging Markets Trust Attn. Colin J. Kerwin Suite 1, Upper Deck, Jones Bay 5959 Las Colinas Boulevard Wharf Irving, TX 75039 26-32 Pirrama Road (7.7%) Pyrmont, NSW 2009, Australia (15.9%) Harris Trust and Savings Bank, as Agent for Various Trust and Washington State Investment Board Custody Accounts Attn. Ms. Nancy Calkins Attn. Mutual Funds Unit -- LLE PO Box 40916 111 West Monroe Street 2424 Heritage Court SW Chicago, IL 60603 Olympia, WA 98504-0916 (6.5%) (7.7%) State Street Bank and Trust Duke University Long-Term Company, As Trustee of the EDS (Endowment) Pool -- Emerging Retirement Plan IFC Investable Mandate c/o Duke Management Company PO Box 1992 2200 W. Main St., Suite 1000 Boston, MA 02105-1992 Durham, NC 27705 (5.8%) (6.3%) International Paper Retirement Plans The William and Flora Hewlett Master Trust Foundation Attn. Carol Tusch Attn. Ana Wiechers Marshall 400 Atlantic Street Director Investment Research & Stamford, CT 06921 Public Investments (5.3%) 2121 Sand Hill Road Menlo Park, CA 94025 Central States Southeast & Southwest (5.5%) Areas Pension Fund Attn. Nancy J. Norton c/o JP Morgan Investment Mgmt Inc. 522 Fifth Avenue New York, NY 10036 (5.1%) ------------------------------------------------------------------------------------------- Class VI Princeton University Trust Leland Stanford Junior Attn. John D. Sweeney University II-AA PO Box 35 Stanford Management Company Princeton, NJ 08544 Eleanor HSU (22.9%) 2770 Sand Hill Road Menlo Park, CA 94025 Evergreen Asset Allocation Fund (17.5%) 200 Berkeley St 21st Floor Fund Administration GMO Benchmark-Free Allocation Boston, MA 02116 Fund (14.0%) Attn. Julie Coady c/o GMO State of Wisconsin Investment Board 40 Rowes Wharf (SWIB) Fixed Trust Fund Boston, MA 02110 Attn. Janice Anderson (12.5%) PO Box 7842 Madison, WI 53707 (6.6%) - --------------------------------------------------------------------------------------------------
G-5
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ------------------------------------------------------------------------------------------------------- GMO Emerging Class III The Northern Trust Company, The Northern Trust Company, Markets as Trustee FBO Mayo Foundation as Trustee FBO Mayo Foundation Quality Fund A/C 26-07634 A/C 26-05192 PO Box 92956 PO Box 92956 Chicago, IL 60675 Chicago, IL 60675 (30.4%) (22.4%) GMO On Behalf of the Sidney E. Frank 2004 Charitable Rolls Royce Pension Plan Remainder Annuity Trust Attn. Jamie McKenna & Laura Whitten 222 Richmond Street c/o GMO Suite 201 40 Rowes Wharf Providence, RI 02903 Boston, MA 02110 (8.6%) (17.1%) Maine State Retirement System 46 State House Station Augusta, ME 04333 (6.0%) ------------------------------------------------------------------------------------ Class IV Evergreen Asset Allocation Fund 200 Berkeley St 21st Floor Fund Administration Boston, MA 02116 (100.0%) - ------------------------------------------------------------------------------------------------------- GMO Foreign Fund Class III Citibank NA, as Trustee of the The J. Paul Getty Trust Citigroup Pension Plan Attn. James M. Williams Attn. Ellen L. Veigl Vice President and 850 Third Ave. Chief Investment Officer 12th Floor 1200 Getty Center Drive New York, NY 10022 Suite 400 (7.0%) Los Angeles, CA 90049 (7.0%) Hershey Trust Company Trustee for Milton Hershey School P.O. Box 445 100 Mansion Road East Hershey, PA 17033 (5.9%) ------------------------------------------------------------------------------------ Class IV Nebraska Investment Council Gordon E. and Betty I. Moore Attn. Joseph P. Jurich Foundation Foreign Fund 941 "0" Street Attn. Lynda Sullivan Suite 500 The Presidio of San Francisco Lincoln, NE 68508 PO Box 29910 (31.6%) San Francisco, CA 94129-0910 (26.3%) Princeton University Trust Attn. John D. Sweeney President and Fellows of P.O. Box 35 Harvard College Princeton, NJ 08544 c/o Harvard Management Company (14.8%) 600 Atlantic Avenue Boston, MA 02210 Rob D. Nagel (10.7%) Director of Investments The Wallace Foundation Two Park Avenue, 23rd Floor New York, NY 10016 (10.1%) - -------------------------------------------------------------------------------------------------------
G-6
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ------------------------------------------------------------------------------------------------------- Class M Fidelity Investments Institutional National Financial Services LLC Operations Company (FIIOC) For the Exclusive Benefits of Our As Agent for Certain Employee Customers -- NT Benefit Plans 200 Liberty Street 100 Magellan Way (KW1C) One World Financial Covington, KY 41015 New York, NY 10281 (92.3%) (7.7%) - ------------------------------------------------------------------------------------------------------- GMO Foreign Class III The University of Chicago San Diego City Employees Small Companies Attn. Regina Manikowski Retirement System (SDCERS) Fund 450 N Cityfront Plaza Drive Attn. Ms. Robin Oleksow Suite 440 401 B Street, Suite 400 Chicago, IL 60611 San Diego, CA 92101-4298 (23.8%) (11.2%) Partners Healthcare System Inc. Northern Trust Co., as Trustee Pooled Investment Accounts -- FBO FMC Technologies Inc. Master Long Term Pool Retirement Trust A/C 22-07411 Attn. William N. Donovan (FDRS) 101 Merrimac Street Attn. Mutual Funds Ops Treasury -- 4th Floor P.O. Box 92956 Boston, MA 02114 Chicago, IL 60675-2956 (12.7%) (9.4%) The Glenmede Trust Company, as Baylor University Trustee of the Pew Memorial Trust Attn. Jonathan Hook Attn. Ruthanne Carpi Trust Ops Dept 1311 S 5th Street 1650 Market Street P.O. Box 97030 Suite 1200 Waco, TX 76798 Philadelphia, PA 19103 (8.4%) (8.4%) Partners Healthcare System Inc, Citibank NA For the Benefit of the Master Trust for ERISA Assets FMC Corp Defined Benefit Attn. William N. Donovan Retirement Trust 101 Merrimac Street Attn. David Humza Treasury -- 7th Floor 111 Wall Street 14th Floor Zone 14 Boston, MA 02114 New York, NY 10043 (8.3%) (7.2%) ------------------------------------------------------------------------------------- Class IV Virginia Retirement System Princeton University Trust Attn. Peggy Davis Attn. John D. Sweeney P.O. Box 2500 P.O. Box 35 Richmond, VA 23218-2500 Princeton, NJ 08544 (77.5%) (21.0%) - -------------------------------------------------------------------------------------------------------
G-7
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO Global Class III State Street Bank & Trust Company, The Ministers and Missionaries Balanced Asset as Trustee for the Northrop Benefit Board of American Allocation Fund Grumman Defin Contribution Plans Baptist Churches Master Trust Attn. Steven Chin Attn. Mark Hanna Manger Investment Analysis 105 Rosemont Road 475 Riverside Drive Suite 1700 Westwood, MA 02090 New York, NY 10115-0049 (13.0%) (10.4%) Ohio Tuition Trust Authority OTTA Metropolitan Opera Association Inc. Attn. Investment Officer Attn. Marvin Suchoff 580 S High Street Lincoln Center Suite 208 New York, NY 10023 Columbus, OH 43215-5644 (6.0%) (9.0%) MAC & Co A/C HMWF1856952 Highmark Attn. Mutual Funds Operations P.O. Box 3198 525 William Penn Place Pittsburgh, PA 15230-3198 (6.3%) - ---------------------------------------------------------------------------------------------------------------- GMO Global Class III Fresno County Employees' General Retirement System of the Bond Fund Retirement Association City Detroit P.O. Box 911 Attn. Joseph Glanton Fresno, CA 93714-0911 908 Coleman A. Young Municipal Center (40.2%) Detroit, MI 48226 (35.6%) The University of North Carolina at Wendel & Co A/C 415307 Chapel Hill Foundation Investment FBO Energen Corp Fund Inc. c/o The Bank of New York Global Fixed Income Account Mutual Fund Reorg Dept Investment Office PO Box 1066 308 West Rosemary St. Suite 203 Wall Street Station Chapel Hill, NC 27516 New York, NY 10268 (5.8%) (5.9%) - ---------------------------------------------------------------------------------------------------------------- GMO Global Class III GMO Global Growth Growth Fund Attn: Peter Manley Suite 1, Upper Deck, Jones Bay Wharf 26-32 Pirrama Road Pyrmont, NSW 2009, Australia (100.0%) - ---------------------------------------------------------------------------------------------------------------- GMO Global (U.S.+) Class III SEI Private Trust Company Winchester Medical Center Equity Allocation c/o Mellon Bank FBO 10114349100 Attn. Craig Lewis Fund Attn. Mutual Funds Administrator Sr. Vice President One Freedom Valley Drive 1840 Amherst Street Oaks, PA 19456 Winchester, VA 22601 (15.8%) (12.7%) A Rising Tide The Greater The Christy-Houston Foundation Inc. Kansas City Health Care Foundation Attn. Robert B. Mifflin DBA Health Care Foundation of 1296 Dow Street Greater Kansas City Murfreesboro, TN 37130 Chief Executive Officer (6.9%) 2700 East 18th Street Suite 220 Kansas City, MO 64127 Hollins University Corporation (11.2%) Attn. Patricia W. Hunt P.O. Box 9658 8036 Quadrangle Lane Roanoke, VA 24020-1658 (5.6%) - ----------------------------------------------------------------------------------------------------------------
G-8
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO Class III The Northern Trust Company, Moses H Cone Memorial Hospital Growth Fund Trustee of the Aerospace Corporation Attn. Elizabeth S Ward Employees Retirement Plan Trust 1200 North Elm St. Attn. Mutual Funds Greensboro, NC 27401 PO Box 92956 (11.3%) Chicago, IL 60675 (13.6%) Andersen 401K Plan 100 Fourth Avenue North Surdona Foundation Inc. Bayport, MN 55003 Attn. Mark De Vendge (8.8%) 330 Madison Avenue 30th Fl New York, NY 10017-5001 Lasalle Bank NA Cust. (9.4%) Provena Health Employee Pension Plan Corning Retirement Master Trust A/C 362007551/405784109 Attn. Mr. Robert J. Grassi PO Box 1443 Director Investment Services Chicago, IL 60690-1443 Corning Inc. (7.5%) One Riverfront Plaza HQ-E2 Corning, NY 14831-0001 Provena Health Operating (8.7%) Investment Funds Attn. Patrick Quinn BNY Western Trust Company, as 9223 West St Francis Road Custodian for Providence Services Frankfort, IL 60423 Board Designate Funds (5.1%) Attn. Deborah Saner Two Union Square Suite 520 Seattle, WA 98101-2321 (7.4%) ------------------------------------------------------------------------------------------------ Class M National Financial Services LLC Northern Trust Co. For the Exclusive Benefits of Our As Custodian Customers -- NT FBO Colorado PERA 401K Trust 200 Liberty Street Attn. DV Control One World Financial P.O. Box 92994 New York, NY 10281 Chicago, IL 60675-2994 (62.3%) (25.5%) GE Financial Trust Company FBO GE Private Asset Management Client 3200 N Central Avenue, 6th Floor Phoenix, AZ 85012 (12.2%) - ---------------------------------------------------------------------------------------------------------------- GMO Inflation Class III GMO Benchmark-Free Allocation Evergreen Asset Allocation Fund Indexed Fund 200 Berkeley St Bond Fund Attn. Julie Coady 21st Floor Fund Administration c/o GMO Boston, MA 02116 40 Rowes Wharf (15.6%) Boston, MA 02110 (31.6%) Northern Trust, as Trustee FBO Lockheed Martin Corp Master The Northern Trust Company, Retirement Trust Trustee of the Aerospace Corporation AC 22-10561 Employees Retirement Plan Trust PO Box 92956 Attn. Mutual Funds Chicago, IL 60675 P.O. Box 92956 (6.5%) Chicago, IL 60675 (8.8%) Bost & Co. A/C NYXF1776462 (Verizon -- IIX) Mutual Funds Operations P.O. Box 3198 Pittsburgh, PA 15230-3198 (5.4%) - ----------------------------------------------------------------------------------------------------------------
G-9
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO International Class III Bost & Co. A/C NYXF1049812 Evergreen Asset Allocation Fund Bond Fund (Verizon -- IBF) 200 Berkeley St Mutual Funds Operations 21st Floor Fund Administration P.O. Box 3198 Boston, MA 02116 Pittsburgh, PA 15230-3198 (19.2%) (16.5%) The University of Chicago Attn. Regina Manikowski 450 N Cityfront Plaza Drive Saturn & Co A/C 4600712 Suite 440 c/o IB&T Co Chicago, IL 60611 FBO The John Hancock Financial (7.7%) Services Inc Pension Plan c/o Investors Bank and Trust P.O. Box 9130 FPG90 Boston, MA 02117-9130 (13.4%) - ---------------------------------------------------------------------------------------------------------------- GMO International Class III MAC & Co. A/C KREF0756022 State Street Bank & Trust Co. Disciplined Equity Kresge Foundation As Trustee of Invensys Master Fund Attn. Mutual Funds Ops Retirement Trust P.O. Box 3198 Attn. Ms. Janet Cottone Pittsburgh, PA 15230-3198 100 Plaza One (26.7%) Jersey City, NJ 07311 (23.8%) Northern Trust Company, as Custodian FBO Nathan Cummings The George Washington University Foundation GMO Intl Attn. Donald W. Lindsey A/C 26-14879 825 21st Street NW P.O. Box 92956 Washington, DC 20052 Chicago, IL 60675-2956 (8.5%) (11.6%) Northern Trust Co., Custodian MAC & Co. A/C CTBF8669522 FBO The University of New Mexico Canterbury Trust Endowment Fund 26-27716 Mutual Funds Operations 801 S Canal P.O. Box 3198 P.O. Box 92956 Pittsburgh, PA 15230-3198 Chicago, IL 60675 (6.5%) (6.4%) ------------------------------------------------------------------------------------------- Class IV The Paul Hamlyn Foundation Mellon Bank in Trust for Mercer Attn. JR Sheldon Pension US Core Equity Fund 18 Queen Annes Gate c/o Mercer Investment Consulting Inc. London SWIH 9AA Attn. Scarlett Ungurean CFA (57.8%) 200 Clarendon St. 3700 Boston, MA 02116 Maine State Retirement System (5.4%) 46 State House Station Augusta, ME 04333 (30.4%) - ----------------------------------------------------------------------------------------------------------------
G-10
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO International Class III Saskatchewan Telecommunications Hartford Hospital Equity Allocation Pension Plan Attn. John M. Biancamano Fund Attn. Neil Banick Vice President Finance 6th Floor 80 Seymour St 2121 Saskatchewan Drive P.O. Box 5037 Regina, Saskatchewan S4P 3Y 2 Hartford, CT 06102-5037 (12.4%) (10.8%) The Hershey Foods Corporation Fleet National Bank Master Retirement Trust FBO Hartford Hospital Attn. James G. Nolan Attn. Funds Processing Assistant Treasurer NYUT37404A Benefit Plan Asset Management Dept. 604414900 100 Crystal A Drive P.O. Box 92750 Hershey, PA 17033 Rochester, NY 14692-8850 (7.0%) (6.7%) Wenner-Gren Foundation Regenstrief Foundation, Inc. Attn. Maugha Kenny Global Equity Fund 470 Park Avenue South 9292 North Meridian Street Suite 202 8th Floor Indianapolis, IN 46260 New York, NY 10016 (5.3%) (5.5%) The Eli and Edythe L Broad Foundation Attn. Peter Adamson 10900 Wilshire Blvd 12th Floor Los Angeles, CA 90024 (5.0%) - ---------------------------------------------------------------------------------------------------------------- GMO International Class III Evergreen Asset Allocation Fund GMO International Equity Allocation Growth Fund 200 Berkeley Street Fund 21st Floor Administration Attn. Laura Whitten Boston, MA 02116 GMO LLC (25.8%) 40 Rowes Wharf Boston, MA 02110 GMO Currency Hedged (12.3%) International Equity Fund 40 Rowes Wharf GMO Global Balanced Asset Boston, MA 02110 Allocation Fund (17.8%) Attn. Laura Whitten GMO LLC 40 Rowes Wharf Boston, MA 02210 (5.9%) - ----------------------------------------------------------------------------------------------------------------
G-11
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO Class II Marshall & Ilsey Trust Co. NA TTEE TEMBEC Inc. International FBO MCW GMO International Edifice White Oaks Intrinsic Intrinsic Value Fund Custody Attn. Richard Tremblay Value Fund Attn. Mutual Fund Operations 10 Chemin Gatineau 1000 N Water Street, 14th Floor CP 5000 Milwaukee, WI 53202 Temiscaming, Quebec, JOZ 3R 0 (14.6%) (12.6%) Sisters of Mercy of North Carolina Wendel & Co. #199509 Foundation Inc. FBO Jewish Comm FDN San Diego Attn. Edward J. Schlicksup JR Attn. Linda Russo 2115 Rexford Road Suite 401 Mutual Fund/Reporting Dept. Charlotte, NC 28211 P.O. Box 1066, Wall Street Station (8.6%) New York, NY 10268 (6.4%) Calhoun & Co c/o Comerica Bank P.O. Box 75000 M/C 3446 Detroit, MI 48275-3446 (6.3%) ------------------------------------------------------------------------------------------------ Class III State Street Bank & Trust Cust Milwaukee County Employees Goldman Sachs & Co Retirement System Profit Sharing Trust Attn. Mr. Steven Vo State Street Bank & Trust Mellon Trust One Enterprise Drive 135 Santilli Highway N. Quincy, MA 02171 Mail Zone 026003 (7.0%) Everett, MA 02149-1906 (6.1%) Charles Schwab & Co Inc. Special Custody Account for Park Indemnity Limited Exclusive Benefit of Customers Craig Appin House 101 Montgomery St Attn. Bill Pare Attn. Mutual Funds 3rd Floor San Francisco, CA 94104 8 Wesley Street (5.8%) Hamilton, HMJX, Bermuda (5.2%) - ----------------------------------------------------------------------------------------------------------------
G-12
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- Class IV Evergreen Asset Allocation Fund GMO Currency Hedged International 200 Berkeley St Equity Fund 21st Floor Fund Administration 40 Rowes Wharf Boston, MA 02116 Boston, MA 02110 (21.2%) (14.7%) State Street Bank, as Trustee of the GMO International Equity Allocation EDS Retirement Plan -- SSB PMI Fund Value Index Mandate Attn. Laura Whitten State Street Bank & Trust Co GMO LLC P.O. Box 1992 40 Rowes Wharf Attn. Laura Mears Boston, MA 02110 Boston, MA 02105-1992 (10.1%) (12.9%) Harris Trust and Savings Bank, as Rolex Holding SA Agent for Various Trust and Custody Attn. Mr. Gian Heim Accounts Rue Francois Dussaud 3-7 Attn. Mutual Funds Unit -- LLE CH-1211 Geneva 24, Switzerland 111 West Monroe Street (9.2%) Chicago, IL 60603 (7.2%) President and Fellows of Harvard College c/o Harvard Management Company 600 Atlantic Avenue Boston, MA 02210 (6.9%) -------------------------------------------------------------------------------------------- Class M American Express Trust Co. FBO American Express Trust Retirement Services Plans American Express Trust Company 50534 AXP Financial Center Minneapolis, MN 55474 (100.0%) - ---------------------------------------------------------------------------------------------------------------- GMO International Class III Princeton University Trust GMO Benchmark-Free Allocation Fund Small Companies Attn. John D. Sweeney Attn. Julie Coady Fund PO Box 35 c/o GMO Princeton, NJ 08544 40 Rowes Wharf (11.2%) Boston, MA 02110 (6.6%) Evergreen Asset Allocation Fund 200 Berkeley St The Annie E. Casey Foundation 21st Floor Fund Administration Julie Knauer Boston, MA 02116 Financial Analyst (6.8%) 701 St Paul St Baltimore, MD 21202 Cogent Nominees Pty Limited Act (6.6%) New Zealand Superannuation Fund Attn. Guy Hopkins and Cleyde Hazell Level 8 60 Castlereach St Sydney, NSW, 2204 (7.0%) - ----------------------------------------------------------------------------------------------------------------
G-13
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Corning Retirement Master Trust State Street Bank & Trust Co Cust Intrinsic Attn. Mr. Robert J Grassi Mainegeneral Health Endowment Value Fund Director Investment Services Attn. Mr. Nick Katsikis Corning Inc. Specialized Trust Services One Riverfront Plaza HQ-E2 200 Newport Avenue JQB7 Corning, NY 14831-0001 North Quincy, MA 02171 (29.3%) (18.0%) Princeton University Trust State Street Bank & Trust Co TR Attn. John D. Sweeney Mainegeneral Health System Pension P.O. Box 35 Plan Princeton, NJ 08544 Attn. Mr. Nick Katsikis (17.3%) Specialized Trust Services 200 Newport Avenue JQB7 Jupiter & Co. North Quincy, MA 02171 FBO New Balance Foundation (12.1%) TIN 046222220 Attn. Jupiter & Co. C/O MFG Associate Alumnae of Douglas P.O. Box 9130 FPG90 College Boston, MA 02117-9130 Attn. Rachel Ingber (13.2%) Executive Director 181 Ruders Lane New Brunswick, NJ 08901-8557 (6.2%) - ---------------------------------------------------------------------------------------------------------------- Class M American Express Trust Co. FBO American Express Trust Retirement Services Plans American Express Trust Company 50534 AXP Financial Center Minneapolis, MN 55474 (100.0%) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Evergreen Asset Allocation Fund GMO Global Balanced Asset Real Estate Fund 200 Berkeley St Allocation Fund 21st Floor Fund Administration Attn. Laura Whitten Boston, MA 02116 GMO LLC (41.8%) 40 Rowes Wharf Boston, MA 02110 MAC & Co 10000643000 (9.8%) FBO Princeton P.O. Box 534005 Pittsburgh, PA 15253-4005 (8.0%) - ----------------------------------------------------------------------------------------------------------------
G-14
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO Short Class III GMO Currency Hedged International The Chase Manhattan Bank, as Duration Bond Fund Directed Trustee for the IBM Collateral Fund c/o GMO Personal Pension Plan Trust 40 Rowes Wharf 1133 Westchester Boston, MA 02110 White Plains, NY 106043505 (21.5%) (6.1%) GMO Core Plus Bond Fund JP Morgan Chase Bank, c/o GMO as Trustee of the General Motors 40 Rowes Wharf Employees Global Group Boston, MA 02110 Pension Trust (22.2%) Attn. Mr. Donal Johnson 4 Chase Metrotech Center GMO Domestic Bond Fund Brooklyn, NY 11245 c/o GMO (5.3%) 40 Rowes Wharf Boston, MA 02110 GMO International Bond Fund (20.5%) c/o GMO 40 Rowes Wharf VERIB NYXF 1776322 Boston, MA 02110 Attn. Mutual Fund Operations (8.8%) P.O. Box 3198 Pittsburgh, PA 152303198 (6.4%) - ---------------------------------------------------------------------------------------------------------------- GMO Short- Class III Comprehensive Care Management Comprehensive Care Management Duration Risk Reserve Corporation -- Unrestricted Investment Fund Attn. Richard Rosen Attn. Richard Rosen 2401 White Plains Road 2401 White Plains Road Bronx, NY 10467 Bronx, NY 10467 (17.7%) (19.1%) Beth Abraham Health Services GMO Global Balanced Asset Third Party Liability Allocation Fund Attn. Ira Green Attn. Laura Whitten c/o Stephen Mann GMO LLC 612 Allerton Avenue 40 Rowes Wharf Bronx, NY 10467 Boston, MA 02110 (8.5%) (10.7%) Beth Abraham Health Services Bethco Corporation Synagogue Funded Depreciation Building Fund Attn. Ira Green Attn. Ira Green c/o Stephen Mann c/o Stephen Mann 612 Allerton Avenue 612 Allerton Avenue Bronx, NY 10467 Bronx, NY 10467 (5.9%) (6.3%) - ----------------------------------------------------------------------------------------------------------------
G-15
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Bost & Co A/C WFHF6202002 MAC & Co. AC CTBF8669522 Small Cap Growth FBO The Hewlett Foundation Canterbury Trust Fund Attn. Mutual Funds Operations Mutual Funds Operations P.O. Box 3198 P.O. Box 3198 Pittsburgh, PA 15230-3198 Pittsburgh, PA 15230-3198 (18.0%) (15.6%) Municipal Fire & Police Retirement GMO U.S. Sector Fund System of Iowa Attn. Laura Whitten Attn. Dennis Jacobs GMO LLC 2836 104th Street 40 Rowes Wharf Des Moines, IA 50322 Boston, MA 02110 (14.2%) (13.0%) World Wildlife Fund Attn. Mr. David Rada Financial Officer 1250 24th Street NW, Suite 500 Washington, DC 20037-1175 (6.4%) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Maine State Retirement System Yale University Retiree Health Benefit Small Cap Value 46 State House Station Coverage Trust Fund Augusta, ME 04333 55 Whitney Avenue (15.4%) New Haven, CT 06511 (13.8%) Bost & Co A/C WFHF6202002 FBO The Hewlett Foundation State Street Bank & Trust Co Cust. Attn. Mutual Funds Operations Mainegeneral Health Endowment PO Box 3198 Attn. Mr. Nick Katsikis Pittsburgh, PA 15230-3198 Specialized Trust Services (13.9%) 200 Newport Avenue JQB7 North Quincy, MA 02171 GMO U.S. Sector Fund (7.3%) Attn. Laura Whitten GMO LLC Municipal Fire & Police Retirement 40 Rowes Wharf System of Iowa Boston, MA 02110 Attn. Dennis Jacobs (7.8%) 2836 104th Street Des Moines, IA 50322 (7.2%) - ----------------------------------------------------------------------------------------------------------------
G-16
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - --------------- ----------- ---------------------------------------------------------------------------- GMO Special Verib NYXF1776322 GMO Core Plus Bond Fund Purpose Attn. Mutual Funds Operations c/o GMO Holding P.O. Box 3198 40 Rowes Wharf Fund Pittsburgh, PA 15230-3198 Boston, MA 02110 (29.1%) (16.9%) The Chase Manhattan Bank, as JPMorgan Chase Bank, as Trustee of Directed Trustee for the IBM the General Motors Employees Personal Pension Plan Trust Global Group Pension Trust 1133 Westchester Attn. Mr. Donald Johnson White Plains, NY 10604-3505 4 Chase Metrotech Center (15.7%) Brooklyn, NY 11245 (8.9%) GMO Global Bond Fund c/o GMO GMO International Bond Fund 40 Rowes Wharf c/o GMO Boston, MA 02110 40 Rowes Wharf (8.3%) Boston, MA 02110 (6.8%) GMO Inflation Indexed Bond Fund c/o GMO 40 Rowes Wharf Boston, MA 02110 (5.2%) - ---------------------------------------------------------------------------------------------------------------- GMO Taiwan Class III Pension Reserves Investment Trust Universal Investment Gesellshaft Fund Stanley P Mavromates MBH c/o Bumai Jr Deputy CIO Bockenheimer Landstrasse 98-100 84 State Street, Suite 250 Frankfurt, Germany 60323 Boston, MA 02109 (7.6%) (68.7%) State of Connecticut Retirement Plans and Trust Funds 55 Elm Street Hartford, CT 06106-1773 (22.2%) - ---------------------------------------------------------------------------------------------------------------- GMO Class III The Northern Trust TR The Northern Trust Company as Tax-Managed MARS Benefit Trust Cust. FBO The Cheyne Walk Trust International P.O. Box 92956 A/C 26-05508 Equities Fund Chicago, IL 60675 Attn. Mutual Funds (13.7%) P.O. Box 92956 Chicago, IL 60675 Hugheson Limited (14.8%) Attn. Charlotte Fenn P.O. Box 705 GT Northern Trust Co Custodian FBO Grand Cayman, Cayman Islands Offield Investment LLC A/C 26- (10.0%) 26989 Attn. Special Assets P.O. Box 92956 Chicago, IL 60675 (7.0%) - ----------------------------------------------------------------------------------------------------------------
G-17
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Blush & Co. Option C S. Parker Gilbert & Robert M. Tax-Managed Attn. Kelly McKenna Pannoyer Trust U/ART 11 (G) Small Companies P.O. Box 976 FBO George W. Merck Fund New York, NY 10268 Attn. Janet Blakeman (19.3%) Patterson Belknap Webb & Tyler 1133 Avenue of the Americas Richard Geary New York, NY 10036 1211 SW 5th Ave. (16.0%) Suite 2980 Portland, OR 97204 Strafe & Co. (14.0%) FBO John Stoll Residuary TUW A/C 3401079207 Judith M Buechner P.O. Box 160 3572 State Route 315 Westerville, OH 43086-0160 Pawlet, VT 05761 (13.0%) (9.2%) Drake & Co. LLC. Thomas Rutherford Inc FBO Josephine A. Merck A/C Attn. Bradford R. Buie 358108 One South Jefferson St. (24011) Attn. Mutual Fund Department PO Box 12748 c/o Citibank NA Roanke, VA 24028 333 W 34th Street, 7th Floor (6.0%) New York, NY 10001 (6.0%) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Northern Trust Co. Custodian SEI Private Trust 10000642000 Tax-Managed FBO Sev c/o Mellon Bank FBO Princeton U.S. Equities Fund Edgar M. Bronfman SR One Freedom Valley Drive A/C#26-13257 Oaks, PA 19456 P.O. Box 92956 (16.7%) Chicago, IL 60675 (42.3%) Alexander Family Trust c/o Groves-Alexander Richard B. Cheney & Lynne V. 700 N. St. Mary's Street Cheney #1200 Trustees for the Cheney Living Trust San Antonio, TX 78205 Dated 05/03/93 (12.1%) Attn. Debbie Heiden One Observatory Circle NW Washington, DC 20008 (5.3%) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Tufts Associated Health Maintenance The Boston Foundation Inc. Tobacco-Free Organization Inc. 75 Arlington St. 10th Floor Core Fund Attn. J. Andy Hilbert Boston, MA 02116 333 Wyman Street (13.4%) Waltham, MA 02254 (21.4%) Union Bank Trust Nominee FBO City of Hope -- Omnibus The Flinn Foundation P.O. Box 85484 Attn. Don Snider San Diego, CA 92186 1802 North Central Avenue (11.7%) Phoenix, AZ 85004-1506 (11.6%) Council for World Mission Attn. Ms. Laiming Wyers Hollow Beam & Co Ipalo House 32-34 Great Peter St FBO Maine Health London, SWIP 2DB, UK Access Foundation (7.6%) 200 Newport Ave. 7th Floor N Quincy, MA 02171 State Street, as Custodian for (7.9%) Catholic Medical Pension Plan 200 Newport Ave. JQB75 N Quincy, MA 02171 (7.2%) - ----------------------------------------------------------------------------------------------------------------
G-18
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- Class IV Memorial Sloan-Kettering Cancer Center 1275 York Avenue New York, NY 10021 (100.0%) - ---------------------------------------------------------------------------------------------------------------- GMO U.S. Class III GMO U.S. Sector Fund Core Fund Attn. Laura Whitten GMO LLC 40 Rowes Wharf Boston, MA 02110 (6.7%) ---------------------------------------------------------------------------------------------------- Class IV Northern Trust Company, Bost & Co A/C WFHF6202002 as Trustee FBO Employee FBO The Hewlett Foundation Retirement Plan of Safeway In Attn. Mutual Funds Operations and its Domestic Subsidiaries P.O. Box 3198 A/C 22-09415 Pittsburgh, PA 152303198 P.O. Box 92956 (11.6%) Chicago, IL 60675 (18.1%) Maine State Retirement System 46 State House Station Gordon E. and Betty I. Moore Augusta, ME 04333 Foundation Core Fund (10.5%) Attn. Lynda Sullivan The Presidio of San Francisco MAC & Co. A/C VCBF 1855782 P.O. Box 29910 Attn. Mutual Fund Operations San Francisco, CA 941290910 P.O. Box 3198 (16.1%) Pittsburgh, PA 152303198 (8.8%) University of Rochester Attn. Joyce A Johnson Rob D. Nagel Wallis Hall Suite 263 Director of Investments River Campus Box 270012 The Wallace Foundation Rochester, NY 146270012 Two Park Avenue 23rd Floor (14.1%) New York, NY 10016 (5.5%) - ---------------------------------------------------------------------------------------------------------------- Class V NRECA Attn. Patricia A. Murphy Investment Division 4301 Wilson Boulevard RS18-305 Arlington, VA 222031860 (100.0%) ---------------------------------------------------------------------------------------------------- Class VI Evergreen Asset Allocation Fund GMO Global Balanced Asset 200 Berkeley St Allocation Fund 21st Floor Fund Administration Attn. Laura Whitten Boston, MA 02116 GMO LLC (73.3%) 40 Rowes Wharf Boston, MA 02110 GMO Global (U.S.+) Equity (15.8%) Allocation Fund Attn. Laura Whitten GMO LLC 40 Rowes Wharf Boston, MA 02110 (10.9%) - ----------------------------------------------------------------------------------------------------------------
G-19
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- Class M National Financial Services LLC Fidelity Investments Institutional For the Exclusive Benefits of Our Operations Company (FIIOC), as Customers -- NT Agent For Certain Employee 200 Liberty Street Benefit Plans One World Financial 100 Magellan Way (KW1C) New York, NY 10281 Covington, KY 41015 (67.2%) (32.8%) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Carnegie Corporation of New York GMO U.S. Sector Fund U.S. Quality Attn. Li Tan Attn. Laura Whitten Equity 437 Madison Ave GMO LLC Fund New York, NY 10022 40 Rowes Wharf (16.3%) Boston, MA 02110 (6.3%) Harris Trust and Savings Bank, as Agent for various Trust and MAC & CO A/C LSXF1108002 Custody Accounts Stanford University Attn. Mutual Funds Unit LLE Mutual Funds Operations 111 West Monroe Street P.O. Box 3198 Chicago, IL 60603 525 William Penn Place (8.6%) Pittsburgh, PA 15230-3198 (5.3%) Brown Brothers Harriman & Co. Custody FBO GMO Global Hedged Equity Fund Attn. Global Settlement -- Harold Robinson 40 Water Street Boston, MA 02109 (5.9%) - ---------------------------------------------------------------------------------------------------------------- Class IV Evergreen Asset Allocation Fund Gordon E. and Betty I. Moore 200 Berkeley Street Foundation Core Fund 21st Floor Administration Attn. Lynda Sullivan Boston, MA 02116 The Presidio of San Francisco (41.4%) PO Box 29910 San Francisco, CA 94129-0910 Bost & Co A/C NYXF1776722 (12.0%) (Verizon Quality) Mutual Fund Operations GMO Global Balanced Asset P.O. Box 3198 Allocation Fund Pittsburgh, PA 15230-3198 Attn. Laura Whitten (9.0%) GMO LLC 40 Rowes Wharf Northern Trust Company, as Trustee Boston, MA 02110 FBO Mayo Foundation (Pension) (9.0%) AC# 22-06943 Attn. Mr. Harry Hoffman Partners Healthcare System Inc. P.O. Box 92956 Pooled Investment Accounts -- Long Chicago, IL 60675 Term Pool (6.5%) Attn. William N. Donovan 101 Merrimac Street Treasury -- 4th Floor Boston, MA 02114 (5.9%) - ----------------------------------------------------------------------------------------------------------------
G-20
NAME & ADDRESS FUND CLASS (% OWNERSHIP) - ---------------------------------------------------------------------------------------------------------------- GMO U.S. Class III Wells Fargo Bank NA The Board of Trustees of the Sector Fund FBO Minneapolis Police Relief University of Illinois 13540517 Attn. Janet M. Ford P.O. Box 1533 247 Henry Administrative Building Minneapolis, MN 55480 506 South Wright St (18.2%) Urbana, IL 61801-3620 (17.5%) The Employees Cash Balance Retirement Plan of the Turner Corp. Patterson & Co. Attn. Lori V. Willox FBO Pension Plan Employees of 901 Main Street Suite 4900 Tietex 1040006367 Dallas, TX 75202 Attn. April Withers (12.2%) 1525 West WT Harris Boulevard NC-1151 Lacross and Co. Nominee for North Charlotte, NC 28288-1151 Center Trust Co. (6.0%) FBO Reinhart Companies P/S PL Attn. Betty Smith Cement Masons and Plasterers Joint 230 Front Street North Pension Trust P.O. Box 489 Attn. Bonnie Payson Lacrosse, WI 54602-0489 101 Convention Center Drive (5.3%) Suite 600 Las Vegas, NV 89109 Northern Trust CO, Trustee (5.9%) FBO ABA Pension A/C 2218525 Attn. Mutual Funds / Special Assets 801 South Canal Chicago, IL 60675 (9.4%) - ---------------------------------------------------------------------------------------------------------------- GMO Class III Nabank & Co Worcester Academy Value Fund Attn. Recon Trust Securities Attn. William Toomey P.O. Box 2180 81 Providence St. Tulsa, OK 74101-2180 Worcester, MA 01604 (44.2%) (14.8%) Conrad N. Hilton Foundation The Rockefeller Family Fund 100 West Liberty St. Suite 840 Attn. Ms. Maureen McCarthy Reno, NV 89501 437 Madison Avenue (8.1%) 37th Floor New York, NY 10022-7001 Appalachian Mountain Club (7.0%) Attn. Mr. Henry Isaacson 5 Joy St. Boston, MA 02108 (6.6%) - ---------------------------------------------------------------------------------------------------------------- Class M American Express Trust Co. FBO American Express Trust Retirement Services Plans American Express Trust Company 50534 AXP Financial Center Minneapolis, MN 55474 (100.0%) - ---------------------------------------------------------------------------------------------------------------- GMO World Class III GMO Core Plus Bond Fund GMO International Bond Fund Opportunity c/o GMO c/o GMO Overlay Fund 40 Rowes Wharf 40 Rowes Wharf Boston, MA 02110 Boston, MA 02110 (39.4%) (16.8%) GMO Currency Hedged GMO Global Bond Fund International Bond Fund c/o GMO c/o GMO 40 Rowes Wharf 40 Rowes Wharf Boston, MA 02110 Boston, MA 02110 (35.0%) (6.2%) - ----------------------------------------------------------------------------------------------------------------
G-21 PROXY TABULATOR P.O. BOX 9132 HINGHAM, MA 02043-9132 PLEASE RECORD YOUR VOTING INSTRUCTIONS ON THIS CARD, SIGN IT BELOW, AND RETURN IT PROMPTLY IN THE ENVELOPE PROVIDED. YOUR VOTE IS IMPORTANT. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES OF GMO TRUST. Proxy for a meeting of shareholders to be held on March 23, 2005 FUND NAME PRINTS HERE The undersigned, revoking all Proxies heretofore given, hereby appoints Scott Eston, Susan Randall Harbert and Elaine M. Hartnett, and each of them separately, as Proxies of the undersigned, with full power of substitution, and hereby authorizes each of them to vote on behalf of the undersigned all shares of the above-referenced Fund that the undersigned is entitled to vote at the Special Meeting of Shareholders of the Fund to be held at 9:00 a.m., Boston Time, on March 23, 2005 at the offices of Grantham, Mayo, Van Otterloo & Co. LLC, 40 Rowes Wharf, Boston, MA 02110 and at any adjournments thereof, as fully as the undersigned would be entitled to vote if personally present. THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR ALL PROPOSALS. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING. This proxy may be revoked at any time prior to the exercise of the powers conferred thereby. PLEASE BE SURE TO SIGN AND DATE THIS PROXY. DATE _________________________ __________________________________________________________ SIGNATURE(S) AND TITLE(S), IF APPLICABLE (SIGN IN THE BOX) Please sign your name exactly as it appears on this card. If you are a joint owner, any one of you may sign. When signing as executor, administrator, attorney, trustee, or guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer's office. If you are a partner, sign in the partnership name. GMO MK PLEASE FILL IN A BOX AS SHOWN USING BLACK OR BLUE INK OR NUMBER 2 PENCIL. [X] PLEASE DO NOT USE FINE POINT PENS. DEAR SHAREHOLDER: YOUR VOTE IS IMPORTANT. PLEASE HELP US TO ELIMINATE THE EXPENSE OF FOLLOW-UP MAILINGS BY SIGNING AND RETURNING THIS PROXY CARD. A POSTAGE-PAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE. FOR ALL WITHHOLD 1. To elect a Board of Trustees. (For all shareholders) NOMINEES LISTED AUTHORITY NOMINEES: (1) Donald W. Glazer; (2) Jay O. Light; (3) W. Nicholas Thorndike. (EXCEPT AS TO VOTE MARKED TO FOR ALL THE CONTRARY NOMINEES INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, WRITE THE AT LEFT) NOMINEE'S NAME IN THE SPACE PROVIDED BELOW: [ ] [ ] - -------------------------------------------------------------------------------- FOR AGAINST ABSTAIN 2A. To approve revisions to the Fund's fundamental investment restriction with respect to concentration in any one industry. (For shareholders of GMO Real Estate Fund and GMO Short-Duration Investment Fund only) [ ] [ ] [ ] 2B. To approve the elimination of the Fund's fundamental investment restriction with respect to investments in certain related issuers. (For shareholders of GMO Alpha Only Fund, GMO Core Plus Bond Fund, GMO Currency Hedged International Bond Fund, GMO Currency Hedged International Equity Fund, GMO Domestic Bond Fund, GMO Emerging Countries Fund, GMO Emerging Country Debt Fund, GMO Emerging Country Debt Share Fund, GMO Emerging Markets Fund, GMO Emerging Markets Quality Fund, GMO Foreign Fund, GMO Global Balanced Asset Allocation Fund, GMO Global Bond Fund, GMO Global (U.S.+) Equity Allocation Fund, GMO Growth Fund, GMO Inflation Indexed Bond Fund, GMO International Bond Fund, GMO International Equity Allocation Fund, GMO International Intrinsic Value Fund, GMO International Small Companies Fund, GMO Real Estate Fund, GMO Short-Duration Investment Fund, GMO Small Cap Growth Fund, GMO Small Cap Value Fund, GMO Tobacco-Free Core Fund, GMO U.S. Core Fund, GMO U.S. Sector Fund and GMO Value Fund only) [ ] [ ] [ ] 2C. To approve revisions to the Fund's fundamental investment restriction with respect to investments in commodities. (For shareholders of GMO Benchmark-Free Allocation Fund, GMO Global Balanced Asset Allocation Fund, GMO Global (U.S.+) Equity Allocation Fund, GMO International Equity Allocation Fund and GMO U.S. Sector Fund only) [ ] [ ] [ ]
PLEASE SIGN AND DATE ON THE REVERSE SIDE. GMO MK -----END PRIVACY-ENHANCED MESSAGE-----