1
EXHIBIT 9(d)
AMENDED AND RESTATED SERVICING AGREEMENT
The Servicing Agreement executed as of May 30, 1996 between GMO TRUST,
a Massachusetts business trust (the "Trust") on behalf of each of its Class I,
Class II, Class III, Class IV, Class V, Class VI, Class VII and Class VIII (each
a "Class" and collectively the "Classes") Shares (the "Shares") of each Fund
listed on Exhibit I hereto, (collectively, the "Funds"), and GRANTHAM, MAYO, VAN
OTTERLOO & CO. LLC, a Massachusetts limited liability company (the "Shareholder
Servicer"), is hereby amended and restated effective May ____, 1999 by the
Trustees:
W I T N E S S E T H:
That in consideration of the mutual covenants herein contained, it is
agreed as follows:
1. SERVICES TO BE RENDERED BY SERVICING AGENT TO THE TRUST.
(a) The Shareholder Servicer will, at its expense, provide direct
client service, maintenance and reporting to shareholders of each Class of
Shares of each Fund set forth on Exhibit 1 hereto, such services and reporting
to include, without limitation, professional and informative reporting, client
account information, personal and electronic access to Fund information, access
to analysis and explanations of Fund reports, and assistance in the correction
and maintenance of client-related information.
(b) The Shareholder Servicer shall not be obligated under this
agreement to pay any expenses of or for the Trust or of or for the Fund not
expressly assumed by the Shareholder Servicer pursuant to this Section 1.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and
employees of the Trust may be a partner, shareholder, director, officer or
employee of, or be otherwise interested in, the Shareholder Servicer, and in any
person controlled by or under common control with the Shareholder Servicer, and
that the Shareholder Servicer and any person controlled by or under common
control with the Shareholder Servicer may have an interest in the Trust. It is
also understood that the Shareholder Servicer and persons controlled by or under
common control with the Shareholder Servicer may have advisory, servicing,
distribution or other contracts with other organizations and persons, and may
have other interests and businesses.
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3. COMPENSATION TO BE PAID BY THE TRUST TO THE SERVICING AGENT.
Each Class of Shares of each Fund will pay to the Shareholder Servicer
as compensation for the Shareholder Servicer's services rendered and for the
expenses borne by the Shareholder Servicer with respect to such Class of Shares
of such Fund pursuant to Section 1, a fee, computed and accrued daily, and paid
monthly or at such other intervals as the Trustees shall determine, at the
annual rate of such Class' average daily net asset value set forth on the Fee
Rate Schedule attached as Exhibit II hereto. Such fee shall be payable for each
month (or other interval) within five (5) business days after the end of such
month (or other interval).
If the Servicing Agent shall serve for less than the whole of a month
(or other interval), the foregoing compensation shall be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.
This Contract shall automatically terminate, without the payment of any
penalty, in the event of its assignment; provided, however, in the event of
consolidation or merger in which the Shareholder Servicer is not the surviving
corporation or which results in the acquisition of substantially all the
Shareholder Servicer's outstanding stock by a single person or entity or by a
group of persons and/or entities acting in concert, or in the event of the sale
or transfer of substantially all the Shareholder Servicer's assets, the
Shareholder Servicer may assign any such agreement to such surviving entity,
acquiring entity, assignee or purchaser, as the case may be. This Contract shall
not be amended unless such amendment is approved by the vote, cast in person at
a meeting called for the purpose of voting on such approval, of a majority of
the Trustees of the Trust who are not interested persons of the Trust or of the
Shareholder Servicer.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract shall become effective upon its execution, and shall
remain in full force and effect continuously thereafter (unless terminated
automatically as set forth in Section 4) until terminated as follows:
(a) Either party hereto may at any time terminate this Contract (or
this Contract's application to one or more Classes or Funds) by not more than
sixty days' written notice delivered or mailed by registered mail, postage
prepaid, to the other party, or
(b) If (i) a majority of the Trustees of the Trust, and (ii) a majority
of the Trustees of the Trust who are not interested persons of the Trust or of
the Shareholder Servicer, by vote cast in person at a meeting called for the
purpose of voting on such approval, do not specifically approve at least
annually the continuance of this Contract, then this Contract shall
automatically terminate at the close of business on the second anniversary of
its execution, or
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upon the expiration of one year from the effective date of the last such
continuance, whichever is later.
Termination of this Contract pursuant to this Section 5 shall be
without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the terms "affiliated person",
"control", "interested person" and "assignment" shall have their respective
meanings defined in the Investment Company Act of 1940 and the rules and
regulations thereunder, subject, however, to such exemptions as may be granted
by the Securities and Exchange Commission under said Act; and the phrase
"specifically approve at least annually" shall be construed in a manner
consistent with the Investment Company Act of 1940 and the rules and regulations
thereunder.
7. NONLIABILITY OF SERVICING AGENT.
In the absence of willful misfeasance, bad faith or gross negligence on
the part of the Shareholder Servicer, or reckless disregard of its obligations
and duties hereunder, the Shareholder Servicer shall not be subject to any
liability to the Trust, or to any shareholder of the Trust, for any act or
omission in the course of, or connected with, rendering services hereunder.
8. LIMITATION OF LIABILITY OF THE TRUSTEES AND SHAREHOLDERS.
A copy of the Agreement and Declaration of Trust of the Trust is on
file with the Secretary of The Commonwealth of Massachusetts, and notice is
hereby given that this instrument is executed on behalf of the Trustees of the
Trust as Trustees and not individually and that the obligations of this
instrument are not binding upon any of the Trustees or shareholders individually
but are binding only upon the assets and property of the Fund.
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IN WITNESS WHEREOF, GMO TRUST and GRANTHAM, MAYO, VAN OTTERLOO & CO.
LLC have each caused this instrument to be signed in duplicate on its behalf by
its duly authorized representative, all as of the day and year first above
written.
GMO TRUST
By_______________________________________
Title:
GRANTHAM, MAYO, VAN OTTERLOO
& CO. LLC
By_______________________________________
Title:
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EXHIBIT I
GMO U.S. Core Fund
GMO Tobacco-Free Core Fund
GMO Value Fund
GMO Growth Fund
GMO U.S. Sector Fund
GMO Small Cap Value Fund
GMO Fundamental Value Fund
GMO Small Cap Growth Fund
GMO REIT Fund
GMO International Core Fund
GMO Currency Hedged International Core Fund
GMO Foreign Fund
GMO U.S. Bond/Global Alpha B Fund
GMO U.S. Bond/Global Alpha A Fund
GMO International Small Companies Fund
GMO Japan Fund
GMO Emerging Markets Fund
GMO Global Properties Fund
GMO Domestic Bond Fund
GMO Global Hedged Equity Fund
GMO Short-Term Income Fund
GMO International Bond Fund
GMO Currency Hedged International Bond Fund
GMO Global Bond Fund
GMO Emerging Country Debt Fund
GMO Inflation Indexed Bond Fund
GMO Evolving Countries Fund
GMO International Equity Allocation Fund
GMO Global (U.S.+) Equity Allocation Fund
GMO World Equity Allocation Fund
GMO Global Balanced Allocation Fund
GMO International Core Plus Allocation Fund
GMO Asia Fund
GMO Tax-Managed U.S. Equities Fund
GMO Tax-Managed International Equities Fund
GMO Tax-Managed Global Allocation Fund
GMO Emerging Country Debt Share Fund
GMO Intrinsic Value Fund
GMO Tax-Managed U.S. Small Cap Fund
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SERVICE FEE SCHEDULE EXHIBIT II
CLASS I SHARES
FUND SERVICE FEE
------------------------------------------------------- ------------------------
GMO U.S. Core Fund 0.28%
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GMO Tobacco-Free Core Fund 0.28%
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GMO Value Fund 0.28%
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GMO Growth Fund 0.28%
------------------------------------------------------- ------------------------
GMO U.S. Sector Fund 0.28%
------------------------------------------------------- ------------------------
GMO Small Cap Value Fund 0.28%
------------------------------------------------------- ------------------------
GMO Fundamental Value Fund 0.28%
------------------------------------------------------- ------------------------
GMO Small Cap Growth Fund 0.28%
------------------------------------------------------- ------------------------
GMO REIT Fund 0.28%
------------------------------------------------------- ------------------------
GMO International Core Fund 0.28%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Core Fund 0.28%
------------------------------------------------------- ------------------------
GMO Foreign Fund 0.28%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha B Fund 0.28%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha A Fund 0.28%
------------------------------------------------------- ------------------------
GMO International Small Companies Fund 0.28%
------------------------------------------------------- ------------------------
GMO Japan Fund 0.28%
------------------------------------------------------- ------------------------
GMO Emerging Markets Fund 0.28%
------------------------------------------------------- ------------------------
GMO Global Properties Fund 0.28%
------------------------------------------------------- ------------------------
GMO Domestic Bond Fund 0.28%
------------------------------------------------------- ------------------------
GMO Global Hedged Equity Fund 0.28%
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GMO International Bond Fund 0.28%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Bond Fund 0.28%
------------------------------------------------------- ------------------------
GMO Global Bond Fund 0.28%
------------------------------------------------------- ------------------------
GMO Emerging Country Debt Fund 0.28%
------------------------------------------------------- ------------------------
GMO Inflation Indexed Bond Fund 0.28%
------------------------------------------------------- ------------------------
GMO Evolving Countries Fund 0.28%
------------------------------------------------------- ------------------------
GMO Asia Fund 0.28%
------------------------------------------------------- ------------------------
GMO Tax-Managed U.S. Equities Fund 0.28%
------------------------------------------------------- ------------------------
GMO Tax-Managed International Equities Fund 0.28%
------------------------------------------------------- ------------------------
GMO International Equity Allocation Fund 0.13%
------------------------------------------------------- ------------------------
GMO Global (U.S.+) Equity Allocation Fund 0.13%
------------------------------------------------------- ------------------------
GMO World Equity Allocation Fund 0.13%
------------------------------------------------------- ------------------------
GMO Global Balanced Allocation Fund 0.13%
------------------------------------------------------- ------------------------
GMO International Core Plus Allocation Fund 0.13%
------------------------------------------------------- ------------------------
GMO Tax-Managed Global Allocation Fund 0.13%
------------------------------------------------------- ------------------------
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GMO Intrinsic Value Fund 0.28%
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GMO Tax-Managed U.S. Small Cap Fund 0.28%
------------------------------------------------------- ------------------------
SERVICE FEE SCHEDULE EXHIBIT II (cont'd)
CLASS II SHARES
FUND SERVICE FEE
------------------------------------------------------- ------------------------
GMO U.S. Core Fund 0.22%
------------------------------------------------------- ------------------------
GMO Tobacco-Free Core Fund 0.22%
------------------------------------------------------- ------------------------
GMO Value Fund 0.22%
------------------------------------------------------- ------------------------
GMO Growth Fund 0.22%
------------------------------------------------------- ------------------------
GMO U.S. Sector Fund 0.22%
------------------------------------------------------- ------------------------
GMO Small Cap Value Fund 0.22%
------------------------------------------------------- ------------------------
GMO Fundamental Value Fund 0.22%
------------------------------------------------------- ------------------------
GMO Small Cap Growth Fund 0.22%
------------------------------------------------------- ------------------------
GMO REIT Fund 0.22%
------------------------------------------------------- ------------------------
GMO International Core Fund 0.22%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Core Fund 0.22%
------------------------------------------------------- ------------------------
GMO Foreign Fund 0.22%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha B Fund 0.22%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha A Fund 0.22%
------------------------------------------------------- ------------------------
GMO International Small Companies Fund 0.22%
------------------------------------------------------- ------------------------
GMO Japan Fund 0.22%
------------------------------------------------------- ------------------------
GMO Emerging Markets Fund 0.22%
------------------------------------------------------- ------------------------
GMO Global Properties Fund 0.22%
------------------------------------------------------- ------------------------
GMO Domestic Bond Fund 0.22%
------------------------------------------------------- ------------------------
GMO Global Hedged Equity Fund 0.22%
------------------------------------------------------- ------------------------
GMO International Bond Fund 0.22%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Bond Fund 0.22%
------------------------------------------------------- ------------------------
GMO Global Bond Fund 0.22%
------------------------------------------------------- ------------------------
GMO Emerging Country Debt Fund 0.22%
------------------------------------------------------- ------------------------
GMO Inflation Indexed Bond Fund 0.22%
------------------------------------------------------- ------------------------
GMO Evolving Countries Fund 0.22%
------------------------------------------------------- ------------------------
GMO Asia Fund 0.22%
------------------------------------------------------- ------------------------
GMO Tax-Managed U.S. Equities Fund 0.22%
------------------------------------------------------- ------------------------
GMO Tax-Managed International Equities Fund 0.22%
------------------------------------------------------- ------------------------
GMO International Equity Allocation Fund 0.07%
------------------------------------------------------- ------------------------
GMO Global (U.S.+) Equity Allocation Fund 0.07%
------------------------------------------------------- ------------------------
GMO World Equity Allocation Fund 0.07%
------------------------------------------------------- ------------------------
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GMO Global Balanced Allocation Fund 0.07%
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GMO International Core Plus Allocation Fund 0.07%
------------------------------------------------------- ------------------------
GMO Tax-Managed Global Allocation Fund 0.07%
------------------------------------------------------- ------------------------
GMO Intrinsic Value Fund 0.22%
------------------------------------------------------- ------------------------
GMO Tax-Managed U.S. Small Cap Fund 0.22%
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SERVICE FEE SCHEDULE EXHIBIT II (cont'd)
CLASS III SHARES
FUND SERVICE FEE
------------------------------------------------------- ------------------------
GMO U.S. Core Fund 0.15%
------------------------------------------------------- ------------------------
GMO Tobacco-Free Core Fund 0.15%
------------------------------------------------------- ------------------------
GMO Value Fund 0.15%
------------------------------------------------------- ------------------------
GMO Growth Fund 0.15%
------------------------------------------------------- ------------------------
GMO U.S. Sector Fund 0.15%
------------------------------------------------------- ------------------------
GMO Small Cap Value Fund 0.15%
------------------------------------------------------- ------------------------
GMO Fundamental Value Fund 0.15%
------------------------------------------------------- ------------------------
GMO Small Cap Growth Fund 0.15%
------------------------------------------------------- ------------------------
GMO REIT Fund 0.15%
------------------------------------------------------- ------------------------
GMO International Core Fund 0.15%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Core Fund 0.15%
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GMO Foreign Fund 0.15%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha B Fund 0.15%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha A Fund 0.15%
------------------------------------------------------- ------------------------
GMO International Small Companies Fund 0.15%
------------------------------------------------------- ------------------------
GMO Japan Fund 0.15%
------------------------------------------------------- ------------------------
GMO Emerging Markets Fund 0.15%
------------------------------------------------------- ------------------------
GMO Global Properties Fund 0.15%
------------------------------------------------------- ------------------------
GMO Domestic Bond Fund 0.15%
------------------------------------------------------- ------------------------
GMO Short-Term Income Fund 0.15%
------------------------------------------------------- ------------------------
GMO Global Hedged Equity Fund 0.15%
------------------------------------------------------- ------------------------
GMO International Bond Fund 0.15%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Bond Fund 0.15%
------------------------------------------------------- ------------------------
GMO Global Bond Fund 0.15%
------------------------------------------------------- ------------------------
GMO Emerging Country Debt Fund 0.15%
------------------------------------------------------- ------------------------
GMO Evolving Countries Fund 0.15%
------------------------------------------------------- ------------------------
GMO Inflation Indexed Bond Fund 0.15%
------------------------------------------------------- ------------------------
GMO Asia Fund 0.15%
------------------------------------------------------- ------------------------
GMO Tax-Managed U.S. Equities Fund 0.15%
------------------------------------------------------- ------------------------
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------------------------------------------------------- ------------------------
GMO Tax-Managed International Equities Fund 0.15%
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GMO International Equity Allocation Fund 0.00%
------------------------------------------------------- ------------------------
GMO Global (U.S.+) Equity Allocation Fund 0.00%
------------------------------------------------------- ------------------------
GMO World Equity Allocation Fund 0.00%
------------------------------------------------------- ------------------------
GMO Global Balanced Allocation Fund 0.00%
------------------------------------------------------- ------------------------
GMO International Core Plus Allocation Fund 0.00%
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GMO Tax-Managed Global Allocation Fund 0.00%
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GMO Emerging Country Debt Share Fund 0.00%
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GMO Intrinsic Value 0.15%
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GMO Tax-Managed U.S. Small Cap Fund 0.15%
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SERVICE FEE SCHEDULE EXHIBIT II (cont'd)
CLASS IV SHARES
FUND SERVICE FEE
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GMO U.S. Core Fund 0.105%
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GMO Tax-Managed U.S. Equities Fund 0.105%
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GMO Tobacco-Free Core Fund 0.12%
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GMO Value Fund 0.095%
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GMO Growth Fund 0.12%
------------------------------------------------------- ------------------------
GMO U.S. Sector Fund 0.12%
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GMO Small Cap Value Fund 0.12%
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GMO Small Cap Growth Fund 0.12%
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GMO REIT Fund 0.12%
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GMO International Core Fund 0.09%
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GMO Tax-Managed International Equities Fund 0.09%
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GMO Currency Hedged International Core Fund 0.09%
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GMO Foreign Fund 0.09%
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GMO International Small Companies Fund 0.11%
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GMO Japan Fund 0.11%
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GMO Emerging Markets Fund 0.105%
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GMO Global Properties Fund 0.11%
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GMO Domestic Bond Fund 0.13%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha A Fund 0.13%
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GMO International Bond Fund 0.13%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Bond Fund 0.13%
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GMO Global Bond Fund 0.13%
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GMO Emerging Country Debt Fund 0.10%
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GMO Global Hedged Equity Fund 0.13%
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GMO Inflation Indexed Bond Fund 0.13%
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GMO Evolving Countries Fund 0.10%
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GMO Fundamental Value Fund 0.13%
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GMO Asia Fund 0.105%
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GMO Intrinsic Value Fund 0.13%
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GMO Tax-Managed U.S. Small Cap Fund 0.13%
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SERVICE FEE SCHEDULE EXHIBIT II (cont'd)
CLASS V SHARES
FUND SERVICE FEE
------------------------------------------------------- ------------------------
GMO U.S. Core Fund 0.09%
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GMO Tobacco-Free Core Fund 0.09%
------------------------------------------------------- ------------------------
GMO Value Fund 0.09%
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GMO Growth Fund 0.09%
------------------------------------------------------- ------------------------
GMO U.S. Sector Fund 0.09%
------------------------------------------------------- ------------------------
GMO Small Cap Value Fund 0.09%
------------------------------------------------------- ------------------------
GMO Small Cap Growth Fund 0.09%
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GMO REIT Fund 0.09%
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GMO International Core Fund 0.07%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Core Fund 0.07%
------------------------------------------------------- ------------------------
GMO Foreign Fund 0.10%
------------------------------------------------------- ------------------------
GMO International Small Companies Fund 0.07%
------------------------------------------------------- ------------------------
GMO Japan Fund 0.07%
------------------------------------------------------- ------------------------
GMO Emerging Markets Fund 0.05%
------------------------------------------------------- ------------------------
GMO Global Properties Fund 0.07%
------------------------------------------------------- ------------------------
GMO Domestic Bond Fund 0.12%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha A Fund 0.12%
------------------------------------------------------- ------------------------
GMO International Bond Fund 0.12%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Bond Fund 0.12%
------------------------------------------------------- ------------------------
GMO Global Bond Fund 0.12%
------------------------------------------------------- ------------------------
GMO Emerging Country Debt Fund 0.12%
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GMO Global Hedged Equity Fund 0.12%
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GMO Inflation Indexed Bond Fund 0.12%
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GMO Evolving Countries Fund 0.05%
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SERVICE FEE SCHEDULE EXHIBIT II (cont'd)
CLASS VI SHARES
FUND SERVICE FEE
------------------------------------------------------- ------------------------
GMO U.S. Core Fund 0.07%
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GMO Tobacco-Free Core Fund 0.07%
------------------------------------------------------- ------------------------
GMO Value Fund 0.07%
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GMO Growth Fund 0.07%
------------------------------------------------------- ------------------------
GMO U.S. Sector Fund 0.07%
------------------------------------------------------- ------------------------
GMO Small Cap Value Fund 0.07%
------------------------------------------------------- ------------------------
GMO Small Cap Growth Fund 0.07%
------------------------------------------------------- ------------------------
GMO REIT Fund 0.07%
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GMO International Core Fund 0.04%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Core Fund 0.04%
------------------------------------------------------- ------------------------
GMO Foreign Fund 0.08%
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GMO International Small Companies Fund 0.04%
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GMO Japan Fund 0.04%
------------------------------------------------------- ------------------------
GMO Emerging Markets Fund 0.02%
------------------------------------------------------- ------------------------
GMO Global Properties Fund 0.04%
------------------------------------------------------- ------------------------
GMO Domestic Bond Fund 0.10%
------------------------------------------------------- ------------------------
GMO U.S. Bond/Global Alpha A Fund 0.10%
------------------------------------------------------- ------------------------
GMO International Bond Fund 0.10%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Bond Fund 0.10%
------------------------------------------------------- ------------------------
GMO Global Bond Fund 0.10%
------------------------------------------------------- ------------------------
GMO Emerging Country Debt Fund 0.10%
------------------------------------------------------- ------------------------
GMO Global Hedged Equity Fund 0.10%
------------------------------------------------------- ------------------------
GMO Inflation Indexed Bond Fund 0.10%
------------------------------------------------------- ------------------------
GMO Evolving Countries Fund 0.02%
------------------------------------------------------- ------------------------
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SERVICE FEE SCHEDULE EXHIBIT II (cont'd)
CLASS VII SHARES
FUND SERVICE FEE
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GMO U.S. Bond/Global Alpha A Fund 0.06%
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GMO International Bond Fund 0.06%
------------------------------------------------------- ------------------------
GMO Currency Hedged International Bond Fund 0.06%
------------------------------------------------------- ------------------------
GMO Global Bond Fund 0.06%
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CLASS VIII SHARES
FUND SERVICE FEE
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GMO U.S. Bond/Global Alpha A Fund 0.01%
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GMO International Bond Fund 0.01%
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GMO Currency Hedged International Bond Fund 0.01%
------------------------------------------------------- ------------------------
GMO Global Bond Fund 0.01%
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