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Gmo Trust – ‘NPORT-P’ for 11/30/23

On:  Monday, 1/29/24, at 3:07pm ET   ·   For:  11/30/23   ·   Accession #:  1752724-24-18307   ·   File #:  811-04347

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/29/24  Gmo Trust                         NPORT-P    11/30/23    2:10M                                    Confluence Techs Inc./FA
          → GMO Resource Transition Fund ⇒ Class VI (GMOYX)

Monthly Portfolio Investments Report (Quarterly Release) by an Investment Company   —   Form N-PORT   —   ICA’40

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NPORT-P     Monthly Portfolio Investments Report (Quarterly     HTML     53K 
                Release) by an Investment Company --                             
                primary_doc.xml                                                  
 2: NPORT-EX    Portfolio Holdings Schedule                         HTML  10.54M

‘NPORT-P’   —   Monthly Portfolio Investments Report (Quarterly Release) by an Investment Company — primary_doc.xml



        

This ‘NPORT-P’ Document is an XML Data File that may be rendered in various formats:

  Form NPORT-P    –   Plain Text   –  SEC Website  –  EDGAR System  –    XML Data    –  <?xml?> File
 
 
XML Data rendering:  Monthly Portfolio Investments Report (Quarterly Release) by an Investment Company
 
                                                                                                                                                                                
<?xml version="1.0" encoding="windows-1252"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
<headerData>
<submissionType> NPORT-P </submissionType>
<isConfidential> false </isConfidential>
<filerInfo>
<filer>
<issuerCredentials>
<cik> 0000772129 </cik>
<ccc> XXXXXXXX </ccc>
</issuerCredentials>
</filer>
<seriesClassInfo>
<seriesId> S000079719 </seriesId>
<classId> C000241005 </classId>
</seriesClassInfo>
</filerInfo>
</headerData>
<formData>
<genInfo>
<regName> GMO TRUST </regName>
<regFileNumber> 811-04347 </regFileNumber>
<regCik> 0000772129 </regCik>
<regLei> 549300Y2Q6TQD4HU5C66 </regLei>
<regStreet1> 53 State Street, 33rd Floor </regStreet1>
<regCity> BOSTON </regCity>
<regStateConditional regCountry="US" regState="US-MA"/>
<regZipOrPostalCode> 02109 </regZipOrPostalCode>
<regPhone> 617-346-7646 </regPhone>
<seriesName> GMO Resource Transition Fund </seriesName>
<seriesId> S000079719 </seriesId>
<seriesLei> 549300SYW9BAVHVUNH19 </seriesLei>
<repPdEnd> 2024-02-29 </repPdEnd>
<repPdDate> 2023-11-30 </repPdDate>
<isFinalFiling> N </isFinalFiling>
</genInfo>
<fundInfo>
<totAssets> 361441613.89 </totAssets>
<totLiabs> 447773.24 </totLiabs>
<netAssets> 360993840.65 </netAssets>
<assetsAttrMiscSec> 0.00000000 </assetsAttrMiscSec>
<assetsInvested> 0.00000000 </assetsInvested>
<amtPayOneYrBanksBorr> 0.00000000 </amtPayOneYrBanksBorr>
<amtPayOneYrCtrldComp> 0.00000000 </amtPayOneYrCtrldComp>
<amtPayOneYrOthAffil> 0.00000000 </amtPayOneYrOthAffil>
<amtPayOneYrOther> 0.00000000 </amtPayOneYrOther>
<amtPayAftOneYrBanksBorr> 0.00000000 </amtPayAftOneYrBanksBorr>
<amtPayAftOneYrCtrldComp> 0.00000000 </amtPayAftOneYrCtrldComp>
<amtPayAftOneYrOthAffil> 0.00000000 </amtPayAftOneYrOthAffil>
<amtPayAftOneYrOther> 0.00000000 </amtPayAftOneYrOther>
<delayDeliv> 0.00000000 </delayDeliv>
<standByCommit> 0.00000000 </standByCommit>
<liquidPref> 0.00000000 </liquidPref>
<cshNotRptdInCorD> 75198.83000000 </cshNotRptdInCorD>
<isNonCashCollateral> N </isNonCashCollateral>
<returnInfo>
<monthlyTotReturns>
<monthlyTotReturn classId="C000241005" rtn1="-4.86000000" rtn2="-13.08000000" rtn3="6.59000000"/>
</monthlyTotReturns>
<othMon1 netRealizedGain="-4375837.02000000" netUnrealizedAppr="-15754876.98000000"/>
<othMon2 netRealizedGain="-9434403.81000000" netUnrealizedAppr="-41663078.58000000"/>
<othMon3 netRealizedGain="-25332691.59000000" netUnrealizedAppr="45996248.64000000"/>
</returnInfo>
<mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="118421.99000000"/>
<mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="10645.86000000"/>
<mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
</fundInfo>
<invstOrSecs>
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<name> Sao Martinho S/A </name>
<lei> 549300R3Z74BNJBF4161 </lei>
<title> Sao Martinho S/A </title>
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<identifiers>
<isin value="BRSMTOACNOR3"/>
</identifiers>
<balance> 296700.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="BRL" exchangeRt="4.92205000"/>
<valUSD> 1996465.70000000 </valUSD>
<pctVal> 0.553047026067 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> BR </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> China High Speed Transmission Equipment Group Co Ltd </name>
<lei> 5299001URD35ZVRLZI41 </lei>
<title> China High Speed Transmission Equipment Group Co Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="KYG2112D1051"/>
</identifiers>
<balance> 751000.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="HKD" exchangeRt="7.81130000"/>
<valUSD> 167887.10000000 </valUSD>
<pctVal> 0.046506915380 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> KY </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> TGS ASA </name>
<lei> 549300NUPLAXPB0WYH90 </lei>
<title> TGS ASA </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="NO0003078800"/>
</identifiers>
<balance> 20970.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="NOK" exchangeRt="10.81995000"/>
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<pctVal> 0.073778574592 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> NO </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Mitsubishi Materials Corp </name>
<lei> 35380076QOBOSOUBRT89 </lei>
<title> Mitsubishi Materials Corp </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="JP3903000002"/>
</identifiers>
<balance> 47500.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="JPY" exchangeRt="148.26000000"/>
<valUSD> 781440.74000000 </valUSD>
<pctVal> 0.216469272326 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> JP </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Boliden AB </name>
<lei> 21380059QU7IM1ONDJ56 </lei>
<title> Boliden AB </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="SE0020050417"/>
</identifiers>
<balance> 152906.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="SEK" exchangeRt="10.50390000"/>
<valUSD> 4069780.94000000 </valUSD>
<pctVal> 1.127382376572 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> SE </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Largo Inc </name>
<lei> 549300DNLDBZOCZKIM08 </lei>
<title> Largo Inc </title>
<cusip> 517097101 </cusip>
<identifiers>
<isin value="CA5170971017"/>
</identifiers>
<balance> 531300.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="CAD" exchangeRt="1.35695000"/>
<valUSD> 1088480.78000000 </valUSD>
<pctVal> 0.301523366171 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Grupo Mexico SAB de CV </name>
<lei> 529900JWLZAYET2ZGW20 </lei>
<title> Grupo Mexico SAB de CV </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="MXP370841019"/>
</identifiers>
<balance> 1103500.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="MXN" exchangeRt="17.36850000"/>
<valUSD> 5069422.52000000 </valUSD>
<pctVal> 1.404296126181 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> MX </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Kemira Oyj </name>
<lei> 74370031Y7RK5H88CQ48 </lei>
<title> Kemira Oyj </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="FI0009004824"/>
</identifiers>
<balance> 31591.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="EUR" exchangeRt="0.91869500"/>
<valUSD> 531387.17000000 </valUSD>
<pctVal> 0.147201173583 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> FI </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Suzano SA </name>
<lei> 391200AW174YQSDMGG41 </lei>
<title> Suzano SA </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="BRSUZBACNOR0"/>
</identifiers>
<balance> 96100.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="BRL" exchangeRt="4.92205000"/>
<valUSD> 1050021.43000000 </valUSD>
<pctVal> 0.290869624841 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> BR </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Ferrexpo PLC </name>
<lei> 213800CEDKSNUTPAQZ41 </lei>
<title> Ferrexpo PLC </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="GB00B1XH2C03"/>
</identifiers>
<balance> 966521.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="GBP" exchangeRt="0.79211100"/>
<valUSD> 891142.92000000 </valUSD>
<pctVal> 0.246858206332 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> GB </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Henan Shenhuo Coal & Power Co Ltd </name>
<lei> 300300GF8XK44CSHXV64 </lei>
<title> Henan Shenhuo Coal & Power Co Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="CNE000001097"/>
</identifiers>
<balance> 335600.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="CNY" exchangeRt="7.13090000"/>
<valUSD> 741301.33000000 </valUSD>
<pctVal> 0.205350132474 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CN </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Li-Cycle Holdings Corp </name>
<lei> N/A </lei>
<title> Li-Cycle Holdings Corp </title>
<cusip> 50202P105 </cusip>
<identifiers>
<isin value="CA50202P1053"/>
</identifiers>
<balance> 233100.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 205500.96000000 </valUSD>
<pctVal> 0.056926444958 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Sumitomo Metal Mining Co Ltd </name>
<lei> 353800CF81IXL9974H84 </lei>
<title> Sumitomo Metal Mining Co Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="JP3402600005"/>
</identifiers>
<balance> 41400.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="JPY" exchangeRt="148.26000000"/>
<valUSD> 1196683.61000000 </valUSD>
<pctVal> 0.331496960680 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> JP </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Green Plains Inc </name>
<lei> VJ5WLTHARBSDR14KIZ98 </lei>
<title> Green Plains Inc </title>
<cusip> 393222104 </cusip>
<identifiers>
<isin value="US3932221043"/>
</identifiers>
<balance> 220300.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 5481064.00000000 </valUSD>
<pctVal> 1.518326182555 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Vale SA </name>
<lei> 254900SMTWBX7RU2SR20 </lei>
<title> Vale SA </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="BRVALEACNOR0"/>
</identifiers>
<balance> 279200.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="BRL" exchangeRt="4.92205000"/>
<valUSD> 4189091.94000000 </valUSD>
<pctVal> 1.160433078984 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> BR </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Mosaic Co/The </name>
<lei> 2YD5STGSJNMUB7H76907 </lei>
<title> Mosaic Co/The </title>
<cusip> 61945C103 </cusip>
<identifiers>
<isin value="US61945C1036"/>
</identifiers>
<balance> 100700.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 3614123.00000000 </valUSD>
<pctVal> 1.001159186952 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Sibanye Stillwater Ltd </name>
<lei> 378900F238434B74D281 </lei>
<title> Sibanye Stillwater Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="ZAE000259701"/>
</identifiers>
<balance> 1059311.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="ZAR" exchangeRt="18.85125000"/>
<valUSD> 1165724.69000000 </valUSD>
<pctVal> 0.322920936241 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> ZA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> ICL Group Ltd </name>
<lei> 529900FQVQD88SHIGM04 </lei>
<title> ICL Group Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="IL0002810146"/>
</identifiers>
<balance> 110977.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="ILS" exchangeRt="3.73075000"/>
<valUSD> 559012.60000000 </valUSD>
<pctVal> 0.154853777835 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> IL </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Adecoagro SA </name>
<lei> 529900Q00UR5LFELO811 </lei>
<title> Adecoagro SA </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="LU0584671464"/>
</identifiers>
<balance> 199718.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 2288768.28000000 </valUSD>
<pctVal> 0.634018651365 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> LU </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Western Mining Co Ltd </name>
<lei> 300300QBV4A9N1NDK519 </lei>
<title> Western Mining Co Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="CNE100000619"/>
</identifiers>
<balance> 1082369.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="CNY" exchangeRt="7.13090000"/>
<valUSD> 1948417.05000000 </valUSD>
<pctVal> 0.539736923624 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CN </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
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<isNonCashCollateral> N </isNonCashCollateral>
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<invstOrSec>
<name> AGCO Corp </name>
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<title> AGCO Corp </title>
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<invstOrSec>
<name> Corteva Inc </name>
<lei> 549300WZN9I2QKLS0O94 </lei>
<title> Corteva Inc </title>
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<invstOrSec>
<name> Enphase Energy Inc </name>
<lei> 5493008U7KIGMI59Z314 </lei>
<title> Enphase Energy Inc </title>
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<invstOrSec>
<name> Anaergia Inc </name>
<lei> N/A </lei>
<title> Anaergia Inc </title>
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<invstOrSec>
<name> Aemetis Inc </name>
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<title> Aemetis Inc </title>
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<invstOrSec>
<name> Darling Ingredients Inc </name>
<lei> L1N0SPPKS7EXZYUMZ898 </lei>
<title> Darling Ingredients Inc </title>
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<invstOrSec>
<name> Sunrun Inc </name>
<lei> 54930007SJ77CI66U531 </lei>
<title> Sunrun Inc </title>
<cusip> 86771W105 </cusip>
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<invstOrSec>
<name> Teck Resources Ltd </name>
<lei> T8KI5SQ2JRWHL7XY0E11 </lei>
<title> Teck Resources Ltd </title>
<cusip> 878742204 </cusip>
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<invCountry> CA </invCountry>
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<securityLending>
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<invstOrSec>
<name> Neste Oyj </name>
<lei> 5493009GY1X8GQ66AM14 </lei>
<title> Neste Oyj </title>
<cusip> 000000000 </cusip>
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<invCountry> FI </invCountry>
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<invstOrSec>
<name> African Rainbow Minerals Ltd </name>
<lei> 529900L3TPSCK8ZVZ589 </lei>
<title> African Rainbow Minerals Ltd </title>
<cusip> 000000000 </cusip>
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<invstOrSec>
<name> Array Technologies Inc </name>
<lei> 549300JM5FECYJQ85V37 </lei>
<title> Array Technologies Inc </title>
<cusip> 04271T100 </cusip>
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<balance> 54500.00000000 </balance>
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<securityLending>
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<invstOrSec>
<name> Ebara Corp </name>
<lei> 353800UV8U3SOMCDTI49 </lei>
<title> Ebara Corp </title>
<cusip> 000000000 </cusip>
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<invstOrSec>
<name> Bradespar SA </name>
<lei> 9598001UD1DHEH3PZ471 </lei>
<title> Bradespar SA </title>
<cusip> 000000000 </cusip>
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<securityLending>
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<invstOrSec>
<name> SLC Agricola SA </name>
<lei> 54930017BQDYJPIJXG79 </lei>
<title> SLC Agricola SA </title>
<cusip> 000000000 </cusip>
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<invCountry> BR </invCountry>
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<fairValLevel> 2 </fairValLevel>
<securityLending>
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<invstOrSec>
<name> Canadian Solar Inc </name>
<lei> 5493001XSC6TKMBVOM15 </lei>
<title> Canadian Solar Inc </title>
<cusip> 136635109 </cusip>
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<invstOrSec>
<name> Eramet SA </name>
<lei> 549300LUH78PG2MP6N64 </lei>
<title> Eramet SA </title>
<cusip> 000000000 </cusip>
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<invstOrSec>
<name> Enerflex Ltd </name>
<lei> 54930014N7872VUS3F89 </lei>
<title> Enerflex Ltd </title>
<cusip> 29269R105 </cusip>
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<name> Vestas Wind Systems A/S </name>
<lei> 549300DYMC8BGZZC8844 </lei>
<title> Vestas Wind Systems A/S </title>
<cusip> 000000000 </cusip>
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<invstOrSec>
<name> SolarEdge Technologies Inc </name>
<lei> 5493000K6Y58XXPDF853 </lei>
<title> SolarEdge Technologies Inc </title>
<cusip> 83417M104 </cusip>
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<name> Veolia Environnement SA </name>
<lei> 969500LENY69X51OOT31 </lei>
<title> Veolia Environnement SA </title>
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<name> Austevoll Seafood ASA </name>
<lei> 5967007LIEEXZXFFDC03 </lei>
<title> Austevoll Seafood ASA </title>
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<name> Rio Tinto PLC </name>
<lei> 213800YOEO5OQ72G2R82 </lei>
<title> Rio Tinto PLC </title>
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<name> State Street Global Advisors </name>
<lei> 549300Q3FHSMZ70NLT76 </lei>
<title> State Street Institutional Treasury Money Market Fund </title>
<cusip> 857492870 </cusip>
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<name> Technip Energies NV </name>
<lei> 724500FLODI49NSCIP70 </lei>
<title> Technip Energies NV </title>
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<name> Perenti Ltd </name>
<lei> 25490044GUNE4S2E6K11 </lei>
<title> Perenti Ltd </title>
<cusip> 000000000 </cusip>
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<name> Freeport-McMoRan Inc </name>
<lei> 549300IRDTHJQ1PVET45 </lei>
<title> Freeport-McMoRan Inc </title>
<cusip> 35671D857 </cusip>
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<balance> 101600.00000000 </balance>
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<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> PotlatchDeltic Corp </name>
<lei> 54930084YA8UJOTXDM59 </lei>
<title> PotlatchDeltic Corp </title>
<cusip> 737630103 </cusip>
<identifiers>
<isin value="US7376301039"/>
</identifiers>
<balance> 42200.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 1934448.00000000 </valUSD>
<pctVal> 0.535867314665 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerConditional desc="REIT" issuerCat="OTHER"/>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Deere & Co </name>
<lei> PWFTNG3EI0Y73OXWDH08 </lei>
<title> Deere & Co </title>
<cusip> 244199105 </cusip>
<identifiers>
<isin value="US2441991054"/>
</identifiers>
<balance> 2300.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 838143.00000000 </valUSD>
<pctVal> 0.232176537552 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> NexGen Energy Ltd </name>
<lei> 529900N0IXNXB3IP7F06 </lei>
<title> NexGen Energy Ltd </title>
<cusip> 65340P106 </cusip>
<identifiers>
<isin value="CA65340P1062"/>
</identifiers>
<balance> 140700.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="CAD" exchangeRt="1.35695000"/>
<valUSD> 917642.51000000 </valUSD>
<pctVal> 0.254198938227 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> First Solar Inc </name>
<lei> 549300NPYMLM4NHTOF27 </lei>
<title> First Solar Inc </title>
<cusip> 336433107 </cusip>
<identifiers>
<isin value="US3364331070"/>
</identifiers>
<balance> 12000.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 1893360.00000000 </valUSD>
<pctVal> 0.524485403017 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> BHP Group Ltd </name>
<lei> WZE1WSENV6JSZFK0JC28 </lei>
<title> BHP Group Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="AU000000BHP4"/>
</identifiers>
<balance> 69102.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="AUD" exchangeRt="1.51343200"/>
<valUSD> 2103631.90000000 </valUSD>
<pctVal> 0.582733460552 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> AU </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Ming Yang Smart Energy Group Ltd </name>
<lei> 300300W76R6UJHEZL847 </lei>
<title> Ming Yang Smart Energy Group Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="CNE100003HQ0"/>
</identifiers>
<balance> 410800.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="CNY" exchangeRt="7.13090000"/>
<valUSD> 775757.45000000 </valUSD>
<pctVal> 0.214894926906 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CN </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Ivanhoe Mines Ltd </name>
<lei> 5299006XZISURYIA4G32 </lei>
<title> Ivanhoe Mines Ltd </title>
<cusip> 46579R104 </cusip>
<identifiers>
<isin value="CA46579R1047"/>
</identifiers>
<balance> 1271800.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="CAD" exchangeRt="1.35695000"/>
<valUSD> 11350085.12000000 </valUSD>
<pctVal> 3.144121545000 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> GrafTech International Ltd </name>
<lei> 549300GY32W00XP57351 </lei>
<title> GrafTech International Ltd </title>
<cusip> 384313508 </cusip>
<identifiers>
<isin value="US3843135084"/>
</identifiers>
<balance> 530366.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 1310004.02000000 </valUSD>
<pctVal> 0.362888191566 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Sociedad Quimica y Minera de Chile SA </name>
<lei> TJ88LXZZW5PWIN93ZC81 </lei>
<title> Sociedad Quimica y Minera de Chile SA </title>
<cusip> 833635105 </cusip>
<identifiers>
<isin value="US8336351056"/>
</identifiers>
<balance> 113500.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 5702240.00000000 </valUSD>
<pctVal> 1.579594817942 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CL </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Tenaris SA </name>
<lei> 549300Y7C05BKC4HZB40 </lei>
<title> Tenaris SA </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="LU2598331598"/>
</identifiers>
<balance> 45964.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="EUR" exchangeRt="0.91869500"/>
<valUSD> 793006.84000000 </valUSD>
<pctVal> 0.219673232809 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> LU </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Greenlane Renewables Inc </name>
<lei> 254900OR2UJ5Z8YZB396 </lei>
<title> Greenlane Renewables Inc </title>
<cusip> 395332109 </cusip>
<identifiers>
<isin value="CA3953321096"/>
</identifiers>
<balance> 520000.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="CAD" exchangeRt="1.35695000"/>
<valUSD> 55565.79000000 </valUSD>
<pctVal> 0.015392448220 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Glencore PLC </name>
<lei> 2138002658CPO9NBH955 </lei>
<title> Glencore PLC </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="JE00B4T3BW64"/>
</identifiers>
<balance> 1977733.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="GBP" exchangeRt="0.79211100"/>
<valUSD> 11063810.59000000 </valUSD>
<pctVal> 3.064819768137 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> JE </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Ameresco Inc </name>
<lei> 529900NZXZGBCBXYY327 </lei>
<title> Ameresco Inc </title>
<cusip> 02361E108 </cusip>
<identifiers>
<isin value="US02361E1082"/>
</identifiers>
<balance> 389290.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 11663128.40000000 </valUSD>
<pctVal> 3.230838614586 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> China Water Affairs Group Ltd </name>
<lei> 529900XTSVH0DH4CEX74 </lei>
<title> China Water Affairs Group Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="BMG210901242"/>
</identifiers>
<balance> 650000.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="HKD" exchangeRt="7.81130000"/>
<valUSD> 368993.68000000 </valUSD>
<pctVal> 0.102216059790 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> BM </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Alcoa Corp </name>
<lei> 549300T12EZ1F6PWWU29 </lei>
<title> Alcoa Corp </title>
<cusip> 013872106 </cusip>
<identifiers>
<isin value="US0138721065"/>
</identifiers>
<balance> 20100.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 539886.00000000 </valUSD>
<pctVal> 0.149555460289 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Livent Corp </name>
<lei> 254900OOLQ2VNMZTJL47 </lei>
<title> Livent Corp </title>
<cusip> 53814L108 </cusip>
<identifiers>
<isin value="US53814L1089"/>
</identifiers>
<balance> 382100.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 5257696.00000000 </valUSD>
<pctVal> 1.456450334591 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Teck Resources Ltd </name>
<lei> T8KI5SQ2JRWHL7XY0E11 </lei>
<title> Teck Resources Ltd </title>
<cusip> 878742204 </cusip>
<identifiers>
<isin value="CA8787422044"/>
</identifiers>
<balance> 35300.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 1329045.00000000 </valUSD>
<pctVal> 0.368162791256 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Sunrise Energy Metals Ltd </name>
<lei> 529900AYAT2TIC68VA49 </lei>
<title> Sunrise Energy Metals Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="AU0000143729"/>
</identifiers>
<balance> 578245.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="AUD" exchangeRt="1.51343200"/>
<valUSD> 237761.64000000 </valUSD>
<pctVal> 0.065863073888 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> AU </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Anglo American PLC </name>
<lei> 549300S9XF92D1X8ME43 </lei>
<title> Anglo American PLC </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="GB00B1XZS820"/>
</identifiers>
<balance> 98682.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="GBP" exchangeRt="0.79211100"/>
<valUSD> 2670622.99000000 </valUSD>
<pctVal> 0.739797384130 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> GB </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Impala Platinum Holdings Ltd </name>
<lei> 254900BZFIFB4PD2Z778 </lei>
<title> Impala Platinum Holdings Ltd </title>
<cusip> 000000000 </cusip>
<identifiers>
<isin value="ZAE000083648"/>
</identifiers>
<balance> 696009.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="ZAR" exchangeRt="18.85125000"/>
<valUSD> 2830121.59000000 </valUSD>
<pctVal> 0.783980575653 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> ZA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 2 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> GMO US Treasury Fund </name>
<lei> 0NIBQB0NDRTFX04R2J69 </lei>
<title> GMO US Treasury Fund </title>
<cusip> 362013369 </cusip>
<identifiers>
<isin value="US3620133690"/>
</identifiers>
<balance> 851774.79000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 4258873.97000000 </valUSD>
<pctVal> 1.179763611016 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> RF </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> Clean Energy Fuels Corp </name>
<lei> 549300MTQB4VUAOPMF71 </lei>
<title> Clean Energy Fuels Corp </title>
<cusip> 184499101 </cusip>
<identifiers>
<isin value="US1844991018"/>
</identifiers>
<balance> 523520.00000000 </balance>
<units> NS </units>
<curCd> USD </curCd>
<valUSD> 1889907.20000000 </valUSD>
<pctVal> 0.523528932404 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> US </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
<invstOrSec>
<name> First Quantum Minerals Ltd </name>
<lei> 549300I7UVBGWRYMYZ18 </lei>
<title> First Quantum Minerals Ltd </title>
<cusip> 335934105 </cusip>
<identifiers>
<isin value="CA3359341052"/>
</identifiers>
<balance> 214500.00000000 </balance>
<units> NS </units>
<currencyConditional curCd="CAD" exchangeRt="1.35695000"/>
<valUSD> 1756214.30000000 </valUSD>
<pctVal> 0.486494256200 </pctVal>
<payoffProfile> Long </payoffProfile>
<assetCat> EC </assetCat>
<issuerCat> CORP </issuerCat>
<invCountry> CA </invCountry>
<isRestrictedSec> N </isRestrictedSec>
<fairValLevel> 1 </fairValLevel>
<securityLending>
<isCashCollateral> N </isCashCollateral>
<isNonCashCollateral> N </isNonCashCollateral>
<isLoanByFund> N </isLoanByFund>
</securityLending>
</invstOrSec>
</invstOrSecs>
<explntrNotes>
<explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees, if any." noteItem="B.5.a"/>
</explntrNotes>
<signature>
<ncom:dateSigned> 2023-12-27 </ncom:dateSigned>
<ncom:nameOfApplicant> GMO TRUST </ncom:nameOfApplicant>
<ncom:signature> Betty Maganzini </ncom:signature>
<ncom:signerName> Betty Maganzini </ncom:signerName>
<ncom:title> Treasurer </ncom:title>
</signature>
</formData>
<documents> XXXX </documents>
</edgarSubmission>


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