GMO Trust

0001193125-13-043000.txt : 20130207 0001193125-13-043000.hdr.sgml : 20130207 20130207131243 ACCESSION NUMBER: 0001193125-13-043000 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130207 DATE AS OF CHANGE: 20130207 EFFECTIVENESS DATE: 20130207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GMO TRUST CENTRAL INDEX KEY: 0000772129 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-98772 FILM NUMBER: 13581293 BUSINESS ADDRESS: STREET 1: 40 ROWES WHARF CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6173467646 MAIL ADDRESS: STREET 1: 40 ROWES WHARF CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: GMO CORE TRUST DATE OF NAME CHANGE: 19900927

0000772129 S000004141 GMO U.S. Small/Mid Cap Fund

C000011619 Class III GMSUX

0000772129 S000005485 GMO Benchmark-Free Allocation Fund

C000014927 Class III GBMFX

C000109350 Class IV

C000110912 Class MF

0000772129 S000005486 GMO International Equity Allocation Fund

C000014930 Class III GIEAX

0000772129 S000005487 GMO Global Asset Allocation Fund

C000014933 Class III GMWAX

0000772129 S000005488 GMO Global Equity Allocation Fund

C000014936 Class III GMGEX

0000772129 S000005489 GMO Strategic Opportunities Allocation Fund

C000014937 Class III GBATX

0000772129 S000005490 GMO World Opportunities Equity Allocation Fund

C000014938 Class III GWOAX

0000772129 S000012211 GMO International Opportunities Equity Allocation Fund

C000033342 III GIOTX

497 1 d470709d497.htm GMO TRUST GMO Trust

EXPLANATORY NOTE

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

EXHIBIT INDEX

GMO TRUST


Exhibit Ref.		Title of Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Schema Document

EX-101.CAL		XBRL Calculation Linkbase Document

EX.101.LAB		XBRL Labels Linkbase Document

EX-101.PRE		XBRL Presentation Linkbase Document

EX.101.DEF		XBRL Definition Linkbase Document

EX-101.INS 2 gmot5-20130118.xml XBRL INSTANCE DOCUMENT 0000772129 2011-07-01 2012-06-30 0000772129 gmot5:S000005489Member gmot5:ClassLllSharesMember 2011-07-01 2012-06-30 0000772129 gmot5:S000004141Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005486Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000012211Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005488Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005490Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005487Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005489Member gmot5:GmoTrustMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005489Member gmot5:ClassLllSharesMember gmot5:C000011423Member 2011-07-01 2012-06-30 0000772129 gmot5:S000004141Member gmot5:GmoTrustMember gmot5:C000011423Member 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassLllAndClassLvSharesMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassLllAndClassLvSharesMember gmot5:C000011423Member 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassLllAndClassLvSharesMember gmot5:C000011424Member 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassMfSharesMember 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:ClassMfSharesMember gmot5:C000110912Member 2011-07-01 2012-06-30 0000772129 gmot5:S000005485Member gmot5:GmoTrustClassMfSharesMember 2011-07-01 2012-06-30 pure iso4217:USD GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 GMO Strategic Opportunities Allocation Fund Effective December 31, 2012, the GMO Strategic Opportunities Allocation Fund (the Fund) charges a purchase premium of 0.07% of the amount invested and a redemption fee of 0.07% of the amount redeemed. The section captioned Shareholder fees on page 136 of the Prospectus is replaced with the following: Shareholder fees (fees paid directly from your investment)   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="89%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class III</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Purchase premium (as a percentage of amount invested)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.07 </td> <td nowrap="nowrap" valign="bottom">%</td></tr> <tr> <td valign="top"> <div>Redemption fee (as a percentage of amount redeemed)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.07 </td> <td nowrap="nowrap" valign="bottom">%</td></tr> </table> In addition, the section captioned Example on page 136 is replaced with the following: Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you sell your shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you do not sell your shares</td> <td valign="bottom"> </td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Class III</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">188</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">328</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">737</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">66</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">196</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">337</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">748</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left">*</td> <td align="left" valign="top">After reimbursement </td></tr></table> GMO U.S. Small/Mid Cap Fund GMO U.S. Small/Mid Cap Fund pays an investment management fee to Grantham, Mayo, Van Otterloo & Co. LLC at the annual rate of 0.45% of the Funds average daily net assets. The sections captioned Annual Fund operating expenses and Example on page 13 of the Prospectus are replaced with the following: Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="89%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class III</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Management fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.45</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Shareholder service fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.15</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Other expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.38</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.98</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Expense reimbursement</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.38</td> <td nowrap="nowrap" valign="bottom">%)1 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses after expense reimbursement</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.60</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1 </td> <td align="left" valign="top"> Grantham, Mayo, Van Otterloo & Co. LLC (the Manager or GMO) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Funds management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Funds direct or indirect investments in other GMO Funds. Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Funds Board of Trustees. </td></tr></table> Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="55%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you sell your shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you do not sell your shares</td> <td valign="bottom"> </td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Class III</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">122</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">551</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,006</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,269</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">91</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">518</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">971</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,228</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">*</td> <td align="left" valign="top">After reimbursement </td></tr></table> Asset Allocation Funds All references to the International Equity Funds in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the International Equity Funds may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).   OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to a Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO Benchmark-Free Allocation Fund The sections captioned Fees and expenses and Example on page 140 of the Prospectus are replaced with the following: Fees and expenses The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund. Shareholder fees (fees paid directly from your investment)   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class III</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class IV</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Purchase premium (as a percentage of amount invested)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Redemption fee (as a percentage of amount redeemed)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table>   Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)   <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class III</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class IV</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Management fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.65</td> <td nowrap="nowrap" valign="bottom">%1 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.65</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Shareholder service fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.15</td> <td nowrap="nowrap" valign="bottom">%1 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.10</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Other expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.02</td> <td nowrap="nowrap" valign="bottom">%2 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.02</td> <td nowrap="nowrap" valign="bottom">%2 </td></tr> <tr> <td valign="top"> <div>Acquired fund fees and expenses (underlying fund expenses)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35</td> <td nowrap="nowrap" valign="bottom">%3 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35</td> <td nowrap="nowrap" valign="bottom">%3 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.17</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Expense reimbursement/waiver</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.25</td> <td nowrap="nowrap" valign="bottom">%)1 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.25</td> <td nowrap="nowrap" valign="bottom">%)1 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.92</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.87</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1 </td> <td align="left" valign="top">Grantham, Mayo, Van Otterloo & Co. LLC (the Manager or GMO) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Funds Board of Trustees. The Manager also has agreed to waive and/or reduce the Funds management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Funds direct or indirect investments in other GMO Funds. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">2 </td> <td align="left" valign="top"> Other expenses have been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">3 </td> <td align="left" valign="top">The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (transaction fees) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. </td></tr></table> Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="44%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you sell your shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you do not sell your shares</td> <td valign="bottom"> </td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years**</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Class III</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">118</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">338</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">575</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 1,256</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 106</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 324</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">560</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,239</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> <div>Class IV</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 113</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">322</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">548</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,198</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 101</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">309</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 533</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 1,180</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">*</td> <td align="left" valign="top">After expense reimbursements/waivers noted in the expense table </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">**</td> <td align="left" valign="top">Reflects fee reductions set forth in the Funds management contract and servicing and supplemental support agreement. </td></tr></table> GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June 30, 2012 The sections captioned Fees and expenses and Example on pages 1-2 of the Prospectus are replaced with the following: Fees and expenses The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder fees (fees paid directly from your investment)   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class MF</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Purchase premium (as a percentage of amount invested)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Redemption fee (as a percentage of amount redeemed)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table> Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class MF</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Management fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.65</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Total other expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Supplemental support fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.10</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Other expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.02</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Acquired fund fees and expenses (underlying fund expenses)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35</td> <td nowrap="nowrap" valign="bottom">%3 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Expense reimbursement/waiver</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.25</td> <td nowrap="nowrap" valign="bottom">%)1 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.87</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1 </td> <td align="left" valign="top">Grantham, Mayo, Van Otterloo & Co. LLC (the Manager or GMO) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Funds Board of Trustees. The Manager also has agreed to waive and/or reduce the Funds management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Funds direct or indirect investments in other GMO Funds. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">2 </td> <td align="left" valign="top">Other expenses have been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">3 </td> <td align="left" valign="top">The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (transaction fees) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. </td></tr></table> Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="46%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you sell your shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you do not sell your shares</td> <td valign="bottom"> </td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years**</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Class MF</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">113</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">322</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">548</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 1,198</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 101</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 309</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">533</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,180</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">*</td> <td align="left" valign="top">After expense reimbursements/waivers noted in the expense table. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">**</td> <td align="left" valign="top">Reflects fee reductions set forth in the Funds management contract and servicing and supplemental support agreement. </td></tr></table> All references to the International Equity Funds in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Benchmark-Free Allocation Fund (the Fund) may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, the Fund also is subject to Options Risk (as described below). OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by the Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If the Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict the Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose the Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to the Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, the Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 GMO Strategic Opportunities Allocation Fund Effective December 31, 2012, the GMO Strategic Opportunities Allocation Fund (the Fund) charges a purchase premium of 0.07% of the amount invested and a redemption fee of 0.07% of the amount redeemed. The section captioned Shareholder fees on page 136 of the Prospectus is replaced with the following: Shareholder fees (fees paid directly from your investment)   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="89%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class III</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Purchase premium (as a percentage of amount invested)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.07 </td> <td nowrap="nowrap" valign="bottom">%</td></tr> <tr> <td valign="top"> <div>Redemption fee (as a percentage of amount redeemed)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.07 </td> <td nowrap="nowrap" valign="bottom">%</td></tr> </table> In addition, the section captioned Example on page 136 is replaced with the following: Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you sell your shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you do not sell your shares</td> <td valign="bottom"> </td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Class III</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">188</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">328</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">737</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">66</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">196</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">337</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">748</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%" valign="top" align="left">*</td> <td align="left" valign="top">After reimbursement </td></tr></table> GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 GMO U.S. Small/Mid Cap Fund GMO U.S. Small/Mid Cap Fund pays an investment management fee to Grantham, Mayo, Van Otterloo & Co. LLC at the annual rate of 0.45% of the Funds average daily net assets. The sections captioned Annual Fund operating expenses and Example on page 13 of the Prospectus are replaced with the following: Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="89%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class III</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Management fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.45</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Shareholder service fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.15</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Other expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.38</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.98</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Expense reimbursement</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.38</td> <td nowrap="nowrap" valign="bottom">%)1 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses after expense reimbursement</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.60</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1 </td> <td align="left" valign="top"> Grantham, Mayo, Van Otterloo & Co. LLC (the Manager or GMO) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Funds management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Funds direct or indirect investments in other GMO Funds. Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Funds Board of Trustees. </td></tr></table> Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="55%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you sell your shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you do not sell your shares</td> <td valign="bottom"> </td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Class III</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">122</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">551</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,006</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,269</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">91</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">518</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">971</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,228</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table>   <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">*</td> <td align="left" valign="top">After reimbursement </td></tr></table> GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 Asset Allocation Funds All references to the International Equity Funds in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the International Equity Funds may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).   OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to a Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 Asset Allocation Funds All references to the International Equity Funds in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the International Equity Funds may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).   OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to a Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 Asset Allocation Funds All references to the International Equity Funds in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the International Equity Funds may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).   OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to a Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 Asset Allocation Funds All references to the International Equity Funds in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the International Equity Funds may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).   OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to a Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 Asset Allocation Funds All references to the International Equity Funds in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the International Equity Funds may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).   OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to a Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 Asset Allocation Funds All references to the International Equity Funds in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the International Equity Funds may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).   OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to a Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 Asset Allocation Funds All references to the International Equity Funds in the Asset Allocation Fund summaries in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Any GMO Asset Allocation Fund that may invest in the International Equity Funds may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, all of the Asset Allocation Funds (except for U.S. Equity Allocation Fund and Alpha Only Fund) also are subject to Options Risk (as described below).   OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by a Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If a Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. A Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict a Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows a Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose a Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to a Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, a Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. Shareholder fees (fees paid directly from your investment) 0.0007 -0.0007 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sell your shares If you do not sell your shares 59 188 328 737 66 196 337 748 Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0015 0.0138 0.0198 -0.0138 0.006 June 30, 2013 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sell your shares If you do not sell your shares 122 551 1006 2269 91 518 971 2228 GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Multi-Class Prospectus and Statement of Additional Information, each dated June 30, 2012 GMO Benchmark-Free Allocation Fund The sections captioned Fees and expenses and Example on page 140 of the Prospectus are replaced with the following: Fees and expenses The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund. Shareholder fees (fees paid directly from your investment)   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class III</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class IV</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Purchase premium (as a percentage of amount invested)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Redemption fee (as a percentage of amount redeemed)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table>   Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)   <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="82%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class III</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class IV</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Management fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.65</td> <td nowrap="nowrap" valign="bottom">%1 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.65</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Shareholder service fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.15</td> <td nowrap="nowrap" valign="bottom">%1 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.10</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Other expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.02</td> <td nowrap="nowrap" valign="bottom">%2 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.02</td> <td nowrap="nowrap" valign="bottom">%2 </td></tr> <tr> <td valign="top"> <div>Acquired fund fees and expenses (underlying fund expenses)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35</td> <td nowrap="nowrap" valign="bottom">%3 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35</td> <td nowrap="nowrap" valign="bottom">%3 </td></tr> <tr> <td valign="top"> Total annual operating expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.17</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Expense reimbursement/waiver</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.25</td> <td nowrap="nowrap" valign="bottom">%)1 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.25</td> <td nowrap="nowrap" valign="bottom">%)1 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.92</td> <td nowrap="nowrap" valign="bottom">% </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.87</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1 </td> <td align="left" valign="top">Grantham, Mayo, Van Otterloo & Co. LLC (the Manager or GMO) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Funds Board of Trustees. The Manager also has agreed to waive and/or reduce the Funds management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Funds direct or indirect investments in other GMO Funds. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">2 </td> <td align="left" valign="top"> Other expenses have been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">3 </td> <td align="left" valign="top">The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (transaction fees) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. </td></tr></table> Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="44%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you sell your shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you do not sell your shares</td> <td valign="bottom"> </td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years**</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Class III</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">118</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">338</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">575</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 1,256</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 106</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 324</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">560</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,239</td> <td nowrap="nowrap" valign="bottom">  </td></tr> <tr> <td valign="top"> Class IV</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 113</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">322</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">548</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,198</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 101</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">309</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 533</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 1,180</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">*</td> <td align="left" valign="top">After expense reimbursements/waivers noted in the expense table </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">**</td> <td align="left" valign="top">Reflects fee reductions set forth in the Funds management contract and servicing and supplemental support agreement. </td></tr></table> Fees and expenses The tables below describe the fees and expenses that you may pay for each class of shares if you buy and hold shares of the Fund. Shareholder fees (fees paid directly from your investment) 0.0012 0.0012 -0.0012 -0.0012 Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0015 0.001 0.0002 0.0002 0.0035 0.0035 0.0117 0.0112 -0.0025 -0.0025 0.0092 0.0087 Other expenses have been restated to reflect current fees. The amount has been restated to reflect current fees of certain underlying funds. June 30, 2013 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sell your shares If you do not sell your shares 118 338 322 575 548 1256 1198 113 106 101 324 309 560 533 1239 1180 GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June 30, 2012 The sections captioned Fees and expenses and Example on pages 1-2 of the Prospectus are replaced with the following: Fees and expenses The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder fees (fees paid directly from your investment)   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class MF</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Purchase premium (as a percentage of amount invested)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Redemption fee (as a percentage of amount redeemed)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table> Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="88%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">Class MF</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Management fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.65</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Total other expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Supplemental support fee</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.10</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Other expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.02</td> <td nowrap="nowrap" valign="bottom">%1 </td></tr> <tr> <td valign="top"> <div>Acquired fund fees and expenses (underlying fund expenses)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.35</td> <td nowrap="nowrap" valign="bottom">%3 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.12</td> <td nowrap="nowrap" valign="bottom">% </td></tr> <tr> <td valign="top"> <div>Expense reimbursement/waiver</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.25</td> <td nowrap="nowrap" valign="bottom">%)1 </td></tr> <tr> <td valign="top"> <div>Total annual operating expenses after expense reimbursement/waiver (Fund and underlying fund expenses)</div></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.87</td> <td nowrap="nowrap" valign="bottom">% </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1 </td> <td align="left" valign="top">Grantham, Mayo, Van Otterloo & Co. LLC (the Manager or GMO) has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Funds Board of Trustees. The Manager also has agreed to waive and/or reduce the Funds management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Funds direct or indirect investments in other GMO Funds. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">2 </td> <td align="left" valign="top">Other expenses have been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">3 </td> <td align="left" valign="top">The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees (transaction fees) charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. </td></tr></table> Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="46%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you sell your shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1px solid #000000">If you do not sell your shares</td> <td valign="bottom"> </td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">1 Year*</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">3 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">5 Years**</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000">10 Years**</td> <td valign="bottom"> </td></tr> <tr> <td valign="top"> <div>Class MF</div></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">113</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">322</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">548</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 1,198</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 101</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 309</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">533</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,180</td> <td nowrap="nowrap" valign="bottom">  </td></tr> </table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">*</td> <td align="left" valign="top">After expense reimbursements/waivers noted in the expense table. </td></tr></table> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">**</td> <td align="left" valign="top">Reflects fee reductions set forth in the Funds management contract and servicing and supplemental support agreement. </td></tr></table> Fees and expenses The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder fees (fees paid directly from your investment) 0.0012 -0.0012 0.0065 0.0012 0.001 0.0002 0.0035 0.0112 -0.0025 0.0087 Other expenses have been restated to reflect current fees. The amount has been restated to reflect current fees of certain underlying funds. June 30, 2013 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same as those shown in the table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 113 322 548 1198 101 309 533 1180 If you sell your shares If you do not sell your shares GMO TRUST Amended and Restated Supplement dated January 18, 2013 to the GMO Trust Benchmark-Free Allocation Fund Class MF Shares Prospectus dated June 30, 2012 All references to the International Equity Funds in the Prospectus are amended to include GMO Risk Premium Fund (Risk Premium Fund), a series of GMO Trust offered through a separate prospectus. Benchmark-Free Allocation Fund (the Fund) may (but is not required to) invest in Risk Premium Fund, in addition to the other Funds identified in the Prospectus as International Equity Funds. For information about Risk Premium Fund, see Investment in Other GMO Funds below. In addition to the principal risks noted in the Prospectus, the Fund also is subject to Options Risk (as described below). OPTIONS RISK. There are various risks associated with transactions in exchange-traded and OTC options. The market value of options written by the Fund will be affected by many factors, including changes in the value of underlying securities or indices; changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices); changes in interest rates or exchange rates; changes in the actual or perceived volatility of the stock market and underlying securities; and the remaining time to an options expiration. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. In addition, since an American style option allows the holder to exercise its rights any time prior to expiration of the option, the writer of an American style option has no control over the time when it may be required to fulfill its obligations as a writer of the option. This risk is not present when writing a European style option since the holder may only exercise the option on its expiration date. If the Fund writes a call option and does not hold the underlying security or instrument, the amount of the Funds potential loss is theoretically unlimited. National securities exchanges generally have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Fund, the Manager, and other funds advised by the Manager may constitute such a group. These limits could restrict the Funds ability to purchase or sell options on a particular security. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Fund greater flexibility to tailor an option to its needs, participants in OTC derivatives markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets. Therefore, OTC options generally expose the Fund to greater credit risk than exchange-traded options, which are guaranteed by the clearing organization of the exchanges where they are traded. Purchasing and selling put and call options are highly specialized activities and entail greater than ordinary market risks. Special tax rules apply to the Funds transactions in options, which could increase the amount of taxes payable by shareholders. In particular, the Funds options transactions potentially could cause a substantial portion of the Funds income to consist of net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income. GMO TRUST 0000772129 2013-01-18 2013-01-18 Other false 2012-02-29 2012-06-30 Annual Fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) After reimbursement Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. The Manager also has agreed to waive and/or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds.Management fees and shareholder service fees will not be waived below zero. These waivers and reimbursements will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund's management fees and shareholder service fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds. "Other expenses" have been restated to reflect current fees. The amount has been restated to reflect current fees of certain underlying funds. These indirect expenses include interest expense that may be incurred by certain underlying funds and also include, to the extent applicable, purchase premiums and redemption fees ("transaction fees") charged by certain underlying funds. Net fees and expenses of underlying funds (before addition of interest expense and transaction fees and as restated), indirect interest expense, and indirect transaction fees were approximately 0.27%, less than 0.01%, and 0.08%, respectively. After expense reimbursements/waivers noted in the expense table Reflects fee reductions set forth in the Fund's management contract and servicing and supplemental support agreement. Grantham, Mayo, Van Otterloo & Co. LLC (the "Manager" or "GMO") has contractually agreed to reimburse the Fund for the following expenses to the extent that they are borne by the Fund: audit expenses, fund accounting expenses, pricing service expenses, non-investment related tax expenses, transfer agency expenses, non-investment related legal expenses provided to the Fund by or at the direction of the Manager, federal securities law filing expenses, printing expenses, state and federal registration fees and custody expenses. This reimbursement will continue through at least June 30, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. The Manager also has agreed to waive and/or reduce the Fund's management fees and supplemental support fees to the extent necessary to offset the management fees and shareholder service fees directly or indirectly paid to the Manager as a result of the Fund's direct or indirect investments in other GMO Funds. 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[Table] Class lll Shares. 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