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GMO
Quarterly Update
GMO offers institutionally-oriented strategies investing in equities andfixed income in the U.S.,developed international,and emerging markets.For client inquiries,please contact your Client Relationship Manager.For new business inquiries,please contact your Relationship Manager orKim Kenly at (617) 346-7576 or kim.kenly@gmo.com
Contents
Global Market Review....................................................................................6 Asset Allocation...............................................................................................7Performance Review and Outlook...............................................................9Strategy Performance Details......................................................................20 Table ofBenchmarks...................................................................................72
Third Quarter 2009
 
2
GMO Quarterly Update
2009 Performance of GMO Strategies and Benchmarks
Performance data quoted represents past performance and is not predictive offuture performance.
Returns are shown after the deduction of management fees,transaction costs and other expenses,but before custody charges,withholding taxes,and other indirect expenses.The returns assumethe reinvestment ofdividends and other income.A GIPS® compliant presentation is available at www.gmo.com.Copyright © 2009 by GMO.All rights reserved.This document may not be reproduced,distributed or transmitted,in whole or in portion,by any means, without written permission from GMO.
 Total Return Net of FeesAverage Annual Total Return
GMO U.S. Equity
Inception3QYTDYTD ValueOneFiveTenSince
Strategies/
Benchmarks
Date20092009AddedYearYearYearInceptionU.S. Core9/30/8510.6411.73-7.54-6.55-0.510.6210.66
S&P 50015.6119.26-6.911.02-0.1510.19
Intrinsic Value5/31/9913.2811.66-3.19-10.03-1.772.501.70
Russell 1000 Value18.2414.85-10.620.902.591.77
Quality2/29/049.349.94-9.32-4.520.94n/a0.44
S&P 50015.6119.26-6.911.02n/a0.60
Growth12/31/8812.0415.28-11.83-3.58-0.45-2.008.98
Russell 1000 Growth13.9727.11-1.851.86-2.568.40
Small/Mid Cap Value12/31/9117.688.44-13.56-13.83-0.995.999.94
Russell 2500 Value +22.7722.00-8.332.518.1210.45
Small/Mid Cap Growth12/31/9614.0217.38-16.80-15.43-1.260.773.00
Russell 2500 Growth17.1734.18-3.083.742.634.30
Real Estate5/31/9632.6915.00-2.87-25.742.039.257.66
MSCI U.S. REIT34.5817.86-28.161.349.398.66
GMO International Equity
Inception3QYTDYTD ValueOneFiveTenSince
Strategies/
Benchmarks
Date20092009AddedYearYearYearInceptionInternational Active EAFE5/31/8118.9822.88-6.082.305.925.8313.04
MSCI EAFE19.4728.973.236.072.559.50
International Intrinsic Value3/31/8717.4021.88-11.970.245.666.328.61
MSCI EAFE Value22.1333.867.356.324.397.53MSCI EAFE19.4728.973.236.072.555.17
International Core Equity1/31/0216.7922.63-6.340.145.96n/a9.02
MSCI EAFE19.4728.973.236.07n/a7.35
International Growth11/30/0115.9019.90-4.301.326.36n/a7.06
MSCI EAFE Growth16.7824.19-0.785.75n/a5.19MSCI EAFE19.4728.973.236.07n/a6.53
Currency Hedged Int'l. Equity6/30/9511.8313.12-8.97-2.205.014.577.60
MSCI EAFE Hedged15.0422.090.935.051.155.89
Global Equity7/31/9616.4320.02-4.88-4.743.363.866.67
MSCI World17.4524.90-2.293.510.924.79
Global Growth7/31/0415.4421.87-3.89-3.164.09n/a4.50
MSCI World Growth15.2525.76-3.033.63n/a3.85MSCI World17.4524.90-2.293.51n/a3.86
Int'l. Active Foreign Small Companies1/31/9524.8644.550.0111.979.8111.1511.63
S&P Developed ex-U.S. Small Cap22.3744.5410.098.386.896.76
Int'l. Small Companies10/31/9122.3639.03-9.2711.429.2610.639.61
MSCI EAFE Small Cap +22.1348.3115.469.237.306.48MSCI EAFE19.4728.973.236.072.555.32
 Japan Equity12/31/052.854.35-5.760.64n/an/a-5.32
MSCI Japan IMI++6.7010.101.51n/an/a-5.63
Global Active Equity8/31/0019.5524.23-0.670.385.95n/a8.31
MSCI World17.4524.90-2.293.51n/a-0.46
Emerging Markets12/31/9323.3161.18-5.3812.1616.0814.939.21
S&P/IFCI (Investable) Composite20.8966.5620.1018.3412.806.25
Emerging Countries9/30/9722.7958.98-7.589.1014.9813.3810.35
S&P/IFCI (Investable) Composite20.8966.5620.1018.3412.808.92
Flexible Equities12/31/082.02-4.69-29.59n/an/an/a-4.69
MSCI World17.4524.90n/an/an/a24.90
 
GMO Quarterly Update
3
2009 Performance of GMO Strategies and Benchmarks
 Total Return Net of Fees Average Annual Total Return
GMO Tax-Managed Equity
Inception 3Q YTD YTD Value One Five Ten Since
Strategies/
Benchmarks
Date 2009 2009 Added Year Year Year Inception Tax-Managed U.S. Equities 7/31/98 10.02 10.33 -10.86 -8.33 -0.50 0.65 1.67
Russell 3000 +16.3121.19-6.421.19-0.071.30
 Tax-Managed Int'l. Equities 8/31/98 16.29 22.35 -6.62 0.06 6.74 6.65 8.16
MSCI EAFE19.4728.973.236.072.554.53
GMO Domestic Fixed
Inception 3Q YTD YTD Value One Five Ten Since
Income Strategies/
Benchmarks
Date 2009 2009 Added Year Year Year InceptionCore Plus Bond 4/30/97 8.93 17.98 12.27 1.44 1.35 5.18 5.20
Barclays Capital U.S. Aggregate3.745.7210.565.136.306.40
Inflation Indexed Plus Bond 5/31/06 9.33 24.58 15.10 -2.67 n/a n/a 0.02
Barclays Capital U.S. Treasury Inflation Notes3.089.485.67n/an/a6.23
U.S. Treasury 3/31/09 0.07 0.20 0.11 n/a n/a n/a 0.20
Citigroup 3 Mo. T-Bill0.040.09n/an/an/a0.09
 Asset Allocation Bond 3/31/09 3.16 3.77 3.68 n/a n/a n/a 3.77
Citigroup 3 Mo. T-Bill0.040.09n/an/an/a0.09
GMO International Fixed
Inception3QYTDYTD ValueOneFiveTenSince
Income Strategies/
Benchmarks
Date20092009AddedYearYearYearInceptionInternational Bond12/31/9313.4520.4414.217.633.746.017.13
 J.P. Morgan Non-U.S. Gov't. Bond7.286.2316.797.146.696.72
Currency Hedged Int'l. Bond9/30/948.2316.6413.693.711.934.757.79
 J.P. Morgan Non-U.S. Gov't.2.762.9610.275.335.607.47Bond Index (hedged) (ex-Japan) +
Global Bond*12/31/9511.8619.0215.135.082.795.435.65
 J.P. Morgan Global Gov't. Bond5.953.8914.006.676.746.11
Emerging Country Debt*4/30/9419.9241.7715.519.387.5715.8316.27
 J.P. Morgan EMBI Global +10.2126.2618.678.8111.6712.05
Emerging Country Local Debt Investment**
2/29/0812.9735.0017.96-3.08n/an/a-5.31
 J.P. Morgan GBI-EM Diversified7.5917.0510.63n/an/a5.13
Performance data quoted represents past performance and is not predictive offuture performance.
Returns are shown after the deduction of management fees,transaction costs and other expenses,but before custody charges,withholding taxes,and other indirect expenses.The returns assumethe reinvestment ofdividends and other income.A GIPS® compliant presentation is available at www.gmo.com.
* Returns for one ofthe accounts in the composite are based on estimated market values for the period from and including October 2008 through February 2009.** Returns for the composite are based on estimated market values for the period from and including October 2008 through February 2009.
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