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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 41
068 B000900 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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<PAGE> PAGE 97
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<PAGE> PAGE 98
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 102
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<PAGE> PAGE 103
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 109
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<PAGE> PAGE 111
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<PAGE> PAGE 112
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<PAGE> PAGE 113
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<PAGE> PAGE 114
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<PAGE> PAGE 118
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<PAGE> PAGE 121
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<PAGE> PAGE 122
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<PAGE> PAGE 123
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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<PAGE> PAGE 132
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<PAGE> PAGE 133
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<PAGE> PAGE 134
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SIGNATURE SUSAN RANDALL HARBERT
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Core Fund, Class I
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
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N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
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</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Core Fund, Class II
<S> <C>
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<OVERDISTRIBUTION-GAINS> 0
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<APPREC-INCREASE-CURRENT> (3,639,561)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
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N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Core Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
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<NET-CHANGE-FROM-OPS> 633,816,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (60,383,941)
<DISTRIBUTIONS-OF-GAINS> (430,596,024)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,209,862
<NUMBER-OF-SHARES-REDEEMED> 51,595,821
<SHARES-REINVESTED> 24,657,273
<NET-CHANGE-IN-ASSETS> (127,966,644)
<ACCUMULATED-NII-PRIOR> 9,884,952
<ACCUMULATED-GAINS-PRIOR> 180,108,269
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,712,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,047,746
<AVERAGE-NET-ASSETS> 3,150,581,167
<PER-SHARE-NAV-BEGIN> 19.46
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 3.58
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> (2.89)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.12
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 211,728,806
<INVESTMENTS-AT-VALUE> 239,342,311
<RECEIVABLES> 24,936,721
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 264,279,032
<PAYABLE-FOR-SECURITIES> 2,754,333
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,341,267
<TOTAL-LIABILITIES> 20,095,600
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,406,143
<SHARES-COMMON-STOCK> 47,135,740
<SHARES-COMMON-PRIOR> 69,297,026
<ACCUMULATED-NII-CURRENT> 668,129
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52,453,021
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,656,139
<NET-ASSETS> 244,183,432
<DIVIDEND-INCOME> 4,553,136
<INTEREST-INCOME> 983,575
<OTHER-INCOME> 0
<EXPENSES-NET> 1,572,470
<NET-INVESTMENT-INCOME> 3,964,241
<REALIZED-GAINS-CURRENT> 108,934,644
<APPREC-INCREASE-CURRENT> (50,479,915)
<NET-CHANGE-FROM-OPS> 62,418,970
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,363,604)
<DISTRIBUTIONS-OF-GAINS> (77,849,380)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,041,337
<NUMBER-OF-SHARES-REDEEMED> (39,536,755)
<SHARES-REINVESTED> 15,334,132
<NET-CHANGE-IN-ASSETS> (147,182,481)
<ACCUMULATED-NII-PRIOR> 1,067,492
<ACCUMULATED-GAINS-PRIOR> 24,019,748
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,637,804
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,134,235
<AVERAGE-NET-ASSETS> 327,560,774
<PER-SHARE-NAV-BEGIN> 5.65
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (1.49)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 5.18
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Value Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 416,905,731
<INVESTMENTS-AT-VALUE> 476,157,102
<RECEIVABLES> 22,751,383
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 498,908,485
<PAYABLE-FOR-SECURITIES> 2,239,551
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,077,572
<TOTAL-LIABILITIES> 29,317,123
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 375,404,716
<SHARES-COMMON-STOCK> 31,629,482
<SHARES-COMMON-PRIOR> 22,292,408
<ACCUMULATED-NII-CURRENT> 1,263,932
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,051,747
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,870,967
<NET-ASSETS> 469,591,362
<DIVIDEND-INCOME> 8,900,987
<INTEREST-INCOME> 887,729
<OTHER-INCOME> 0
<EXPENSES-NET> 2,145,869
<NET-INVESTMENT-INCOME> 7,642,847
<REALIZED-GAINS-CURRENT> 62,774,750
<APPREC-INCREASE-CURRENT> (1,146,140)
<NET-CHANGE-FROM-OPS> 69,271,457
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,540,588)
<DISTRIBUTIONS-OF-GAINS> (44,759,234)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,674,742
<NUMBER-OF-SHARES-REDEEMED> (3,824,235)
<SHARES-REINVESTED> 3,486,567
<NET-CHANGE-IN-ASSETS> 151,979,513
<ACCUMULATED-NII-PRIOR> 1,384,221
<ACCUMULATED-GAINS-PRIOR> 18,914,947
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,462,093
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,017,367
<AVERAGE-NET-ASSETS> 351,727,605
<PER-SHARE-NAV-BEGIN> 14.25
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 2.47
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> (1.86)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.85
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Short Term Income Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 40,427,721
<INVESTMENTS-AT-VALUE> 40,374,864
<RECEIVABLES> 599,517
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,974,381
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,444
<TOTAL-LIABILITIES> 37,444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,679,507
<SHARES-COMMON-STOCK> 4,187,806
<SHARES-COMMON-PRIOR> 1,132,734
<ACCUMULATED-NII-CURRENT> 328,181
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,894)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (52,857)
<NET-ASSETS> 40,936,937
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,679,824
<OTHER-INCOME> 0
<EXPENSES-NET> 54,837
<NET-INVESTMENT-INCOME> 1,624,987
<REALIZED-GAINS-CURRENT> 76,160
<APPREC-INCREASE-CURRENT> (75,627)
<NET-CHANGE-FROM-OPS> 1,625,520
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,442,981)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,668,234
<NUMBER-OF-SHARES-REDEEMED> (6,721,285)
<SHARES-REINVESTED> 108,123
<NET-CHANGE-IN-ASSETS> 29,870,912
<ACCUMULATED-NII-PRIOR> 146,175
<ACCUMULATED-GAINS-PRIOR> (94,054)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 69,134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 148,518
<AVERAGE-NET-ASSETS> 27,653,389
<PER-SHARE-NAV-BEGIN> 9.77
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 0.06
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.78
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> International Core Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 4,418,907,005
<INVESTMENTS-AT-VALUE> 4,712,893,968
<RECEIVABLES> 218,440,617
<ASSETS-OTHER> 10,392,499
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,941,727,084
<PAYABLE-FOR-SECURITIES> 100,587,432
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 582,692,361
<TOTAL-LIABILITIES> 683,279,793
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,883,061,264
<SHARES-COMMON-STOCK> 8,554
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 9,222,649
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 81,342,864
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 284,820,514
<NET-ASSETS> 208,388
<DIVIDEND-INCOME> 1,546
<INTEREST-INCOME> 327
<OTHER-INCOME> 0
<EXPENSES-NET> 810
<NET-INVESTMENT-INCOME> 1,063
<REALIZED-GAINS-CURRENT> 23,189
<APPREC-INCREASE-CURRENT> (4,236)
<NET-CHANGE-FROM-OPS> 20,015
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,078)
<DISTRIBUTIONS-OF-GAINS> (8,575)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,196
<NUMBER-OF-SHARES-REDEEMED> (82)
<SHARES-REINVESTED> 440
<NET-CHANGE-IN-ASSETS> 208,388
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,112,051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,428,566
<AVERAGE-NET-ASSETS> 94,946
<PER-SHARE-NAV-BEGIN> 24.17
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 1.38
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.36
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> Core Fund, Class II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 4,418,907,005
<INVESTMENTS-AT-VALUE> 4,712,893,968
<RECEIVABLES> 218,440,617
<ASSETS-OTHER> 10,392,499
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,941,727,084
<PAYABLE-FOR-SECURITIES> 100,587,432
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 582,692,361
<TOTAL-LIABILITIES> 683,279,793
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,883,061,264
<SHARES-COMMON-STOCK> 1,038,814
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 9,222,649
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 81,342,864
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 284,820,514
<NET-ASSETS> 25,302,379
<DIVIDEND-INCOME> 140,475
<INTEREST-INCOME> 31,850
<OTHER-INCOME> 0
<EXPENSES-NET> 77,178
<NET-INVESTMENT-INCOME> 95,147
<REALIZED-GAINS-CURRENT> 486,960
<APPREC-INCREASE-CURRENT> (88,959)
<NET-CHANGE-FROM-OPS> 493,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (231,954)
<DISTRIBUTIONS-OF-GAINS> (932,158)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 990,710
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 48,104
<NET-CHANGE-IN-ASSETS> 25,302,379
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,112,051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,428,566
<AVERAGE-NET-ASSETS> 9,683,903
<PER-SHARE-NAV-BEGIN> 24.60
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 0.96
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (1.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.36
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> Core Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 4,418,907,005
<INVESTMENTS-AT-VALUE> 4,712,893,968
<RECEIVABLES> 218,440,617
<ASSETS-OTHER> 10,392,499
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,941,727,084
<PAYABLE-FOR-SECURITIES> 100,587,432
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 582,692,361
<TOTAL-LIABILITIES> 683,279,793
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,883,061,264
<SHARES-COMMON-STOCK> 173,673,156
<SHARES-COMMON-PRIOR> 184,341,225
<ACCUMULATED-NII-CURRENT> 9,222,649
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 81,342,864
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 284,820,514
<NET-ASSETS> 4,232,936,524
<DIVIDEND-INCOME> 116,613,007
<INTEREST-INCOME> 17,495,917
<OTHER-INCOME> 0
<EXPENSES-NET> 31,155,356
<NET-INVESTMENT-INCOME> 102,953,568
<REALIZED-GAINS-CURRENT> 231,375,507
<APPREC-INCREASE-CURRENT> (42,268,319)
<NET-CHANGE-FROM-OPS> 292,060,756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (56,618,907)
<DISTRIBUTIONS-OF-GAINS> (264,270,135)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,694,331
<NUMBER-OF-SHARES-REDEEMED> (49,513,521)
<SHARES-REINVESTED> 12,151,121
<NET-CHANGE-IN-ASSETS> (304,099,699)
<ACCUMULATED-NII-PRIOR> (5,469,509)
<ACCUMULATED-GAINS-PRIOR> 94,418,541
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,112,051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,428,566
<AVERAGE-NET-ASSETS> 4,405,219,795
<PER-SHARE-NAV-BEGIN> 24.62
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (1.53)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.37
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> Japan Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 282,627,512
<INVESTMENTS-AT-VALUE> 235,443,876
<RECEIVABLES> 998,956
<ASSETS-OTHER> 21,261,992
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,704,824
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,907,900
<TOTAL-LIABILITIES> 38,907,900
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 267,726,217
<SHARES-COMMON-STOCK> 31,179,725
<SHARES-COMMON-PRIOR> 14,792,650
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (564,380)
<ACCUMULATED-NET-GAINS> (103,886)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (48,261,027)
<NET-ASSETS> 218,796,924
<DIVIDEND-INCOME> 1,126,123
<INTEREST-INCOME> 357,027
<OTHER-INCOME> 0
<EXPENSES-NET> 1,459,156
<NET-INVESTMENT-INCOME> 23,994
<REALIZED-GAINS-CURRENT> (1,918,375)
<APPREC-INCREASE-CURRENT> (46,708,941)
<NET-CHANGE-FROM-OPS> (48,603,322)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (36,409)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,172,884
<NUMBER-OF-SHARES-REDEEMED> (5,789,470)
<SHARES-REINVESTED> 3,661
<NET-CHANGE-IN-ASSETS> 92,689,965
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (189,728)
<OVERDIST-NET-GAINS-PRIOR> (127,763)
<GROSS-ADVISORY-FEES> 1,566,406
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,201,663
<AVERAGE-NET-ASSETS> 208,854,175
<PER-SHARE-NAV-BEGIN> 8.52
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> (1.50)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.02
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> Tobacco Free Core Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 62,440,776
<INVESTMENTS-AT-VALUE> 68,125,477
<RECEIVABLES> 1,782,400
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,907,877
<PAYABLE-FOR-SECURITIES> 789,613
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,857,829
<TOTAL-LIABILITIES> 3,647,442
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,503,672
<SHARES-COMMON-STOCK> 5,106,204
<SHARES-COMMON-PRIOR> 4,444,322
<ACCUMULATED-NII-CURRENT> 165,058
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,004,259
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,587,446
<NET-ASSETS> 66,260,435
<DIVIDEND-INCOME> 1,127,362
<INTEREST-INCOME> 220,808
<OTHER-INCOME> 0
<EXPENSES-NET> 280,132
<NET-INVESTMENT-INCOME> 1,068,038
<REALIZED-GAINS-CURRENT> 17,195,664
<APPREC-INCREASE-CURRENT> (6,109,720)
<NET-CHANGE-FROM-OPS> 12,153,982
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,070,308)
<DISTRIBUTIONS-OF-GAINS> (10,440,389)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,730,490
<NUMBER-OF-SHARES-REDEEMED> (2,002,361)
<SHARES-REINVESTED> 933,753
<NET-CHANGE-IN-ASSETS> 8,775,420
<ACCUMULATED-NII-PRIOR> 167,328
<ACCUMULATED-GAINS-PRIOR> 4,248,984
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 291,746
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 463,957
<AVERAGE-NET-ASSETS> 58,349,155
<PER-SHARE-NAV-BEGIN> 12.93
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 2.41
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (2.36)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.98
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> Fundamental Value Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 184,341,071
<INVESTMENTS-AT-VALUE> 243,821,578
<RECEIVABLES> 1,355,477
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 245,177,055
<PAYABLE-FOR-SECURITIES> 295,700
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,298,131
<TOTAL-LIABILITIES> 12,593,831
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 162,849,002
<SHARES-COMMON-STOCK> 14,246,178
<SHARES-COMMON-PRIOR> 14,123,445
<ACCUMULATED-NII-CURRENT> 938,206
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,315,509
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 59,480,507
<NET-ASSETS> 232,583,224
<DIVIDEND-INCOME> 6,026,703
<INTEREST-INCOME> 259,649
<OTHER-INCOME> 0
<EXPENSES-NET> 1,628,003
<NET-INVESTMENT-INCOME> 4,658,349
<REALIZED-GAINS-CURRENT> 18,434,364
<APPREC-INCREASE-CURRENT> 17,227,189
<NET-CHANGE-FROM-OPS> 40,319,902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,445,572)
<DISTRIBUTIONS-OF-GAINS> (17,043,498)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,028
<NUMBER-OF-SHARES-REDEEMED> (1,045,307)
<SHARES-REINVESTED> 1,161,012
<NET-CHANGE-IN-ASSETS> 20,154,878
<ACCUMULATED-NII-PRIOR> 875,858
<ACCUMULATED-GAINS-PRIOR> 7,774,215
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,627,950
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,975,375
<AVERAGE-NET-ASSETS> 217,060,018
<PER-SHARE-NAV-BEGIN> 15.04
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 2.53
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> (1.25)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.33
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> International Small Companies Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 235,747,464
<INVESTMENTS-AT-VALUE> 253,361,936
<RECEIVABLES> 4,437,426
<ASSETS-OTHER> 1,406,852
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 259,206,214
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,553,410
<TOTAL-LIABILITIES> 23,553,410
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 219,016,578
<SHARES-COMMON-STOCK> 17,508,892
<SHARES-COMMON-PRIOR> 16,902,821
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (655,418)
<ACCUMULATED-NET-GAINS> (2,135,553)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,427,197
<NET-ASSETS> 235,652,804
<DIVIDEND-INCOME> 4,644,071
<INTEREST-INCOME> 1,164,591
<OTHER-INCOME> 0
<EXPENSES-NET> 1,754,098
<NET-INVESTMENT-INCOME> 4,054,564
<REALIZED-GAINS-CURRENT> (6,729,282)
<APPREC-INCREASE-CURRENT> 15,655,726
<NET-CHANGE-FROM-OPS> 12,981,008
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,160,606)
<DISTRIBUTIONS-OF-GAINS> (3,403,369)
<DISTRIBUTIONS-OTHER> (30,591)
<NUMBER-OF-SHARES-SOLD> 1,509,544
<NUMBER-OF-SHARES-REDEEMED> (1,205,784)
<SHARES-REINVESTED> 302,311
<NET-CHANGE-IN-ASSETS> 16,689,074
<ACCUMULATED-NII-PRIOR> 476,295
<ACCUMULATED-GAINS-PRIOR> 3,752,355
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,889,159
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,587,593
<AVERAGE-NET-ASSETS> 231,112,638
<PER-SHARE-NAV-BEGIN> 12.95
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.46
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> Small Cap Value Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 528,492,698
<INVESTMENTS-AT-VALUE> 558,191,970
<RECEIVABLES> 53,886,419
<ASSETS-OTHER> 92,036,693
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 704,115,082
<PAYABLE-FOR-SECURITIES> 9,879,807
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,471,262
<TOTAL-LIABILITIES> 47,351,069
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 600,032,715
<SHARES-COMMON-STOCK> 87,565
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,331,429
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,700,127
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,699,742
<NET-ASSETS> 1,391,447
<DIVIDEND-INCOME> 2,523
<INTEREST-INCOME> 2,835
<OTHER-INCOME> 0
<EXPENSES-NET> 1,314
<NET-INVESTMENT-INCOME> 4,044
<REALIZED-GAINS-CURRENT> 47,313
<APPREC-INCREASE-CURRENT> (3,943)
<NET-CHANGE-FROM-OPS> 47,414
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 87,565
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,391,447
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,948,526
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,632,712
<AVERAGE-NET-ASSETS> 216,415
<PER-SHARE-NAV-BEGIN> 15.34
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.50
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.89
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 15
<NAME> Small Cap Value Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 528,492,698
<INVESTMENTS-AT-VALUE> 558,191,970
<RECEIVABLES> 53,886,419
<ASSETS-OTHER> 92,036,693
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 704,115,082
<PAYABLE-FOR-SECURITIES> 9,879,807
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,471,262
<TOTAL-LIABILITIES> 47,351,069
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 600,032,715
<SHARES-COMMON-STOCK> 41,234,772
<SHARES-COMMON-PRIOR> 16,666,567
<ACCUMULATED-NII-CURRENT> 2,331,429
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,700,127
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,699,742
<NET-ASSETS> 655,372,566
<DIVIDEND-INCOME> 5,042,694
<INTEREST-INCOME> 5,215,899
<OTHER-INCOME> 0
<EXPENSES-NET> 1,869,445
<NET-INVESTMENT-INCOME> 8,389,148
<REALIZED-GAINS-CURRENT> 48,170,137
<APPREC-INCREASE-CURRENT> 7,282,971
<NET-CHANGE-FROM-OPS> 63,842,256
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,723,900)
<DISTRIBUTIONS-OF-GAINS> (9,617,877)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36,443,463
<NUMBER-OF-SHARES-REDEEMED> (12,721,369)
<SHARES-REINVESTED> 846,111
<NET-CHANGE-IN-ASSETS> 423,839,135
<ACCUMULATED-NII-PRIOR> 686,982
<ACCUMULATED-GAINS-PRIOR> 4,220,996
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,948,526
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,632,712
<AVERAGE-NET-ASSETS> 389,492,398
<PER-SHARE-NAV-BEGIN> 13.89
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 2.32
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (0.33)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.89
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 16
<NAME> U.S. Sector Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 190,658,093
<INVESTMENTS-AT-VALUE> 206,929,608
<RECEIVABLES> 2,917,534
<ASSETS-OTHER> 27,222,103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 237,069,245
<PAYABLE-FOR-SECURITIES> 1,974,041
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,027,679
<TOTAL-LIABILITIES> 9,001,720
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 164,450,814
<SHARES-COMMON-STOCK> 104,149
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,418,165
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 46,503,127
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,695,419
<NET-ASSETS> 1,356,604
<DIVIDEND-INCOME> 12,713
<INTEREST-INCOME> 2,892
<OTHER-INCOME> 0
<EXPENSES-NET> 3,720
<NET-INVESTMENT-INCOME> 11,886
<REALIZED-GAINS-CURRENT> 222,204
<APPREC-INCREASE-CURRENT> (29,052)
<NET-CHANGE-FROM-OPS> 205,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,397)
<DISTRIBUTIONS-OF-GAINS> (85,607)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97,467
<NUMBER-OF-SHARES-REDEEMED> (928)
<SHARES-REINVESTED> 7,610
<NET-CHANGE-IN-ASSETS> 1,356,604
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,138,768
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,551,293
<AVERAGE-NET-ASSETS> 602,941
<PER-SHARE-NAV-BEGIN> 11.78
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 2.10
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (0.88)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.03
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 17
<NAME> U.S. Sector Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 190,658,093
<INVESTMENTS-AT-VALUE> 206,929,608
<RECEIVABLES> 2,917,534
<ASSETS-OTHER> 27,222,103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 237,069,245
<PAYABLE-FOR-SECURITIES> 1,974,041
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,027,679
<TOTAL-LIABILITIES> 9,001,720
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 164,450,814
<SHARES-COMMON-STOCK> 17,394,941
<SHARES-COMMON-PRIOR> 15,503,866
<ACCUMULATED-NII-CURRENT> 1,418,165
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 46,503,127
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,695,419
<NET-ASSETS> 226,710,921
<DIVIDEND-INCOME> 4,695,980
<INTEREST-INCOME> 1,035,912
<OTHER-INCOME> 0
<EXPENSES-NET> 1,112,643
<NET-INVESTMENT-INCOME> 4,619,249
<REALIZED-GAINS-CURRENT> 65,448,327
<APPREC-INCREASE-CURRENT> (21,056,027)
<NET-CHANGE-FROM-OPS> 49,011,549
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,967,362)
<DISTRIBUTIONS-OF-GAINS> (51,735,148)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,570,612
<NUMBER-OF-SHARES-REDEEMED> (8,749,092)
<SHARES-REINVESTED> 3,069,555
<NET-CHANGE-IN-ASSETS> 15,392,205
<ACCUMULATED-NII-PRIOR> 774,923
<ACCUMULATED-GAINS-PRIOR> 32,641,217
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,138,768
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,551,293
<AVERAGE-NET-ASSETS> 231,798,876
<PER-SHARE-NAV-BEGIN> 13.63
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> (2.84)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.03
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 18
<NAME> International Bond Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 222,522,917
<INVESTMENTS-AT-VALUE> 233,612,496
<RECEIVABLES> 18,096,616
<ASSETS-OTHER> 3,586,173
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,295,285
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,512,162
<TOTAL-LIABILITIES> 19,512,162
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 224,754,636
<SHARES-COMMON-STOCK> 21,873,511
<SHARES-COMMON-PRIOR> 17,765,600
<ACCUMULATED-NII-CURRENT> 5,273,327
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 786,358
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,968,802
<NET-ASSETS> 235,783,123
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,566,242
<OTHER-INCOME> 0
<EXPENSES-NET> 849,645
<NET-INVESTMENT-INCOME> 14,716,597
<REALIZED-GAINS-CURRENT> 15,665,683
<APPREC-INCREASE-CURRENT> (7,800,186)
<NET-CHANGE-FROM-OPS> 22,582,094
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,718,077)
<DISTRIBUTIONS-OF-GAINS> (13,620,420)
<DISTRIBUTIONS-OTHER> (1,283,257)
<NUMBER-OF-SHARES-SOLD> 9,398,594
<NUMBER-OF-SHARES-REDEEMED> (7,421,298)
<SHARES-REINVESTED> 2,130,615
<NET-CHANGE-IN-ASSETS> 41,862,807
<ACCUMULATED-NII-PRIOR> 4,884,754
<ACCUMULATED-GAINS-PRIOR> 1,966,474
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 849,645
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,343,212
<AVERAGE-NET-ASSETS> 212,410,377
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> 0.71
<PER-SHARE-GAIN-APPREC> 0.65
<PER-SHARE-DIVIDEND> (0.81)
<PER-SHARE-DISTRIBUTIONS> (0.69)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 19
<NAME> Small Cap Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 177,435,881
<INVESTMENTS-AT-VALUE> 174,317,226
<RECEIVABLES> 221,953
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 174,539,179
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,641,078
<TOTAL-LIABILITIES> 14,641,078
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163,108,546
<SHARES-COMMON-STOCK> 16,278,745
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 173,151
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,402,010)
<NET-ASSETS> 159,898,101
<DIVIDEND-INCOME> 200,679
<INTEREST-INCOME> 91,604
<OTHER-INCOME> 0
<EXPENSES-NET> 119,132
<NET-INVESTMENT-INCOME> 173,151
<REALIZED-GAINS-CURRENT> 18,414
<APPREC-INCREASE-CURRENT> (3,402,010)
<NET-CHANGE-FROM-OPS> (3,210,445)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,278,745
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 159,898,101
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 124,256
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 224,542
<AVERAGE-NET-ASSETS> 24,851,257
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.19)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 20
<NAME> Pelican Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 147,421,574
<INVESTMENTS-AT-VALUE> 207,291,617
<RECEIVABLES> 764,789
<ASSETS-OTHER> 965
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 208,057,371
<PAYABLE-FOR-SECURITIES> 369,625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 318,878
<TOTAL-LIABILITIES> 688,503
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,348,438
<SHARES-COMMON-STOCK> 12,714,161
<SHARES-COMMON-PRIOR> 12,204,124
<ACCUMULATED-NII-CURRENT> 1,473,363
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,677,024
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 59,870,043
<NET-ASSETS> 207,368,868
<DIVIDEND-INCOME> 3,665,356
<INTEREST-INCOME> 2,141,973
<OTHER-INCOME> 0
<EXPENSES-NET> 1,811,831
<NET-INVESTMENT-INCOME> 3,995,498
<REALIZED-GAINS-CURRENT> 9,036,632
<APPREC-INCREASE-CURRENT> 19,894,742
<NET-CHANGE-FROM-OPS> 32,926,872
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,383,491)
<DISTRIBUTIONS-OF-GAINS> (6,758,143)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,487,108
<NUMBER-OF-SHARES-REDEEMED> (1,610,011)
<SHARES-REINVESTED> 632,940
<NET-CHANGE-IN-ASSETS> 30,130,575
<ACCUMULATED-NII-PRIOR> 646,595
<ACCUMULATED-GAINS-PRIOR> 2,613,296
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,716,394
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,973,841
<AVERAGE-NET-ASSETS> 190,710,478
<PER-SHARE-NAV-BEGIN> 14.52
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 2.27
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (0.54)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.31
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 21
<NAME> Emerging Markets Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 1,580,975,586
<INVESTMENTS-AT-VALUE> 1,719,264,364
<RECEIVABLES> 23,813,661
<ASSETS-OTHER> 9,806,707
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,752,884,732
<PAYABLE-FOR-SECURITIES> 21,138,838
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,346,903
<TOTAL-LIABILITIES> 25,485,741
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,552,555,011
<SHARES-COMMON-STOCK> 140,068
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,553,963
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,823,333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 146,466,684
<NET-ASSETS> 1,747,646
<DIVIDEND-INCOME> 4,553
<INTEREST-INCOME> 794
<OTHER-INCOME> 0
<EXPENSES-NET> 3,495
<NET-INVESTMENT-INCOME> 1,852
<REALIZED-GAINS-CURRENT> 10,212
<APPREC-INCREASE-CURRENT> 148,183
<NET-CHANGE-FROM-OPS> 160,248
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140,068
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,747,646
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,541,622
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,741,379
<AVERAGE-NET-ASSETS> 240,939
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.61
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.48
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 22
<NAME> Emerging Markets Fund, Class II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 1,580,975,586
<INVESTMENTS-AT-VALUE> 1,719,264,364
<RECEIVABLES> 23,813,661
<ASSETS-OTHER> 9,806,707
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,752,884,732
<PAYABLE-FOR-SECURITIES> 21,138,838
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,346,903
<TOTAL-LIABILITIES> 25,485,741
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,552,555,011
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,553,963
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,823,333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 146,466,684
<NET-ASSETS> 0
<DIVIDEND-INCOME> 136,764
<INTEREST-INCOME> 24,987
<OTHER-INCOME> 0
<EXPENSES-NET> 74,728
<NET-INVESTMENT-INCOME> 87,023
<REALIZED-GAINS-CURRENT> 196,632
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 283,655
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (178,659)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,586,262
<NUMBER-OF-SHARES-REDEEMED> (5,602,991)
<SHARES-REINVESTED> 16,729
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,541,622
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,741,379
<AVERAGE-NET-ASSETS> 5,621,502
<PER-SHARE-NAV-BEGIN> 10.77
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.07
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.82
<EXPENSE-RATIO> 1.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 23
<NAME> Emerging Markets Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 1,580,975,586
<INVESTMENTS-AT-VALUE> 1,719,264,364
<RECEIVABLES> 23,813,661
<ASSETS-OTHER> 9,806,707
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,752,884,732
<PAYABLE-FOR-SECURITIES> 21,138,838
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,346,903
<TOTAL-LIABILITIES> 25,485,741
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,552,555,011
<SHARES-COMMON-STOCK> 138,115,145
<SHARES-COMMON-PRIOR> 86,054,424
<ACCUMULATED-NII-CURRENT> 11,553,963
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,823,333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 146,466,684
<NET-ASSETS> 1,725,651,345
<DIVIDEND-INCOME> 27,419,232
<INTEREST-INCOME> 5,482,348
<OTHER-INCOME> 0
<EXPENSES-NET> 15,440,573
<NET-INVESTMENT-INCOME> 17,461,007
<REALIZED-GAINS-CURRENT> 47,043,851
<APPREC-INCREASE-CURRENT> 173,628,394
<NET-CHANGE-FROM-OPS> 238,133,252
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,814,130)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 54,549,584
<NUMBER-OF-SHARES-REDEEMED> (3,248,382)
<SHARES-REINVESTED> 759,519
<NET-CHANGE-IN-ASSETS> 818,471,825
<ACCUMULATED-NII-PRIOR> 7,846,974
<ACCUMULATED-GAINS-PRIOR> (28,277,467)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,541,622
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,741,379
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.54
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.96
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.49
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 24
<NAME> Emerging Country Debt Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 390,022,688
<INVESTMENTS-AT-VALUE> 540,817,801
<RECEIVABLES> 44,704,072
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 585,521,873
<PAYABLE-FOR-SECURITIES> 6,448,211
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,585,305
<TOTAL-LIABILITIES> 30,033,516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 298,584,032
<SHARES-COMMON-STOCK> 2,557
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 21,594,553
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 73,442,653
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 161,867,119
<NET-ASSETS> 36,016
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 281
<OTHER-INCOME> 0
<EXPENSES-NET> 29
<NET-INVESTMENT-INCOME> 252
<REALIZED-GAINS-CURRENT> 3,330
<APPREC-INCREASE-CURRENT> (1,674)
<NET-CHANGE-FROM-OPS> 1,909
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,557
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 36,016
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,190,658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,653,965
<AVERAGE-NET-ASSETS> 4,157
<PER-SHARE-NAV-BEGIN> 12.87
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.12
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.09
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 25
<NAME> Emerging Country Debt Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 390,022,688
<INVESTMENTS-AT-VALUE> 540,817,801
<RECEIVABLES> 44,704,072
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 585,521,873
<PAYABLE-FOR-SECURITIES> 6,448,211
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,585,305
<TOTAL-LIABILITIES> 30,033,516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 298,584,032
<SHARES-COMMON-STOCK> 39,409,825
<SHARES-COMMON-PRIOR> 52,339,284
<ACCUMULATED-NII-CURRENT> 21,594,553
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 73,442,653
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 161,867,119
<NET-ASSETS> 555,452,341
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 56,944,449
<OTHER-INCOME> 0
<EXPENSES-NET> 3,667,552
<NET-INVESTMENT-INCOME> 53,276,897
<REALIZED-GAINS-CURRENT> 223,809,332
<APPREC-INCREASE-CURRENT> 74,009,583
<NET-CHANGE-FROM-OPS> 351,095,811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (60,410,173)
<DISTRIBUTIONS-OF-GAINS> (149,956,551)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,310,056
<NUMBER-OF-SHARES-REDEEMED> (38,680,281)
<SHARES-REINVESTED> 14,440,766
<NET-CHANGE-IN-ASSETS> (60,032,702)
<ACCUMULATED-NII-PRIOR> 13,630,078
<ACCUMULATED-GAINS-PRIOR> 17,949,090
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,190,658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,653,965
<AVERAGE-NET-ASSETS> 638,164,090
<PER-SHARE-NAV-BEGIN> 11.76
<PER-SHARE-NII> 1.48
<PER-SHARE-GAIN-APPREC> 6.40
<PER-SHARE-DIVIDEND> (1.58)
<PER-SHARE-DISTRIBUTIONS> (3.97)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.09
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 26
<NAME> Global Hedged Equity Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 289,275,216
<INVESTMENTS-AT-VALUE> 307,625,351
<RECEIVABLES> 5,427,446
<ASSETS-OTHER> 3,137,564
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 316,190,361
<PAYABLE-FOR-SECURITIES> 2,625,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,863,055
<TOTAL-LIABILITIES> 19,488,409
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 279,467,411
<SHARES-COMMON-STOCK> 27,760,589
<SHARES-COMMON-PRIOR> 35,975,948
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (927,940)
<ACCUMULATED-NET-GAINS> 7,873,611
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,288,870
<NET-ASSETS> 296,701,952
<DIVIDEND-INCOME> 7,068,302
<INTEREST-INCOME> 2,607,955
<OTHER-INCOME> 0
<EXPENSES-NET> 3,036,677
<NET-INVESTMENT-INCOME> 6,639,580
<REALIZED-GAINS-CURRENT> 21,603,070
<APPREC-INCREASE-CURRENT> (21,597,390)
<NET-CHANGE-FROM-OPS> 6,645,260
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,664,462)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,716,101
<NUMBER-OF-SHARES-REDEEMED> (11,267,323)
<SHARES-REINVESTED> 335,863
<NET-CHANGE-IN-ASSETS> (86,231,804)
<ACCUMULATED-NII-PRIOR> 298,205
<ACCUMULATED-GAINS-PRIOR> (15,934,531)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,168,233
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,568,350
<AVERAGE-NET-ASSETS> 333,572,327
<PER-SHARE-NAV-BEGIN> 10.64
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.69
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 27
<NAME> Domestic Bond Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 655,741,883
<INVESTMENTS-AT-VALUE> 655,415,278
<RECEIVABLES> 5,413,670
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 660,828,948
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 86,336,308
<OTHER-ITEMS-LIABILITIES> 117,188
<TOTAL-LIABILITIES> 86,453,496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 571,604,845
<SHARES-COMMON-STOCK> 357,259
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,703,472
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (489,105)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,326,572)
<NET-ASSETS> 3,630,253
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 45,651
<OTHER-INCOME> 0
<EXPENSES-NET> 2,768
<NET-INVESTMENT-INCOME> 42,883
<REALIZED-GAINS-CURRENT> (14,124)
<APPREC-INCREASE-CURRENT> 20,776
<NET-CHANGE-FROM-OPS> 49,535
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,070)
<DISTRIBUTIONS-OF-GAINS> (1,958)
<DISTRIBUTIONS-OTHER> (2,836)
<NUMBER-OF-SHARES-SOLD> 385,608
<NUMBER-OF-SHARES-REDEEMED> (30,316)
<SHARES-REINVESTED> 1,967
<NET-CHANGE-IN-ASSETS> 3,630,253
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,112,368
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,857,359
<AVERAGE-NET-ASSETS> 733,402
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 28
<NAME> Domestic Bond Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 655,741,883
<INVESTMENTS-AT-VALUE> 655,415,278
<RECEIVABLES> 5,413,670
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 660,828,948
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 86,336,308
<OTHER-ITEMS-LIABILITIES> 117,188
<TOTAL-LIABILITIES> 86,453,496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 571,604,845
<SHARES-COMMON-STOCK> 56,064,794
<SHARES-COMMON-PRIOR> 29,888,776
<ACCUMULATED-NII-CURRENT> 5,703,472
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (489,105)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,326,572)
<NET-ASSETS> 570,862,387
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 28,440,108
<OTHER-INCOME> 0
<EXPENSES-NET> 1,110,361
<NET-INVESTMENT-INCOME> 27,329,747
<REALIZED-GAINS-CURRENT> 998,660
<APPREC-INCREASE-CURRENT> (3,201,418)
<NET-CHANGE-FROM-OPS> 25,126,989
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,071,527)
<DISTRIBUTIONS-OF-GAINS> (5,058,261)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,591,731
<NUMBER-OF-SHARES-REDEEMED> (2,947,048)
<SHARES-REINVESTED> 2,531,335
<NET-CHANGE-IN-ASSETS> 259,913,042
<ACCUMULATED-NII-PRIOR> 3,439,616
<ACCUMULATED-GAINS-PRIOR> 3,567,277
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,112,368
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,857,359
<AVERAGE-NET-ASSETS> 444,213,773
<PER-SHARE-NAV-BEGIN> 10.40
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 29
<NAME> Currency Hedged International Bond Fund,CL 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 429,085,209
<INVESTMENTS-AT-VALUE> 450,374,884
<RECEIVABLES> 52,563,631
<ASSETS-OTHER> 6,399,306
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 509,337,821
<PAYABLE-FOR-SECURITIES> 16,812,715
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,383,884
<TOTAL-LIABILITIES> 39,196,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,604,897
<SHARES-COMMON-STOCK> 95,601
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,695,280)
<ACCUMULATED-NET-GAINS> 21,692,673
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42,538,932
<NET-ASSETS> 1,162,376
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,586
<OTHER-INCOME> 0
<EXPENSES-NET> 953
<NET-INVESTMENT-INCOME> 10,633
<REALIZED-GAINS-CURRENT> (31,649)
<APPREC-INCREASE-CURRENT> 59,963
<NET-CHANGE-FROM-OPS> 38,947
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 95,601
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,162,376
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,782,864
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,576,213
<AVERAGE-NET-ASSETS> 180,571
<PER-SHARE-NAV-BEGIN> 11.75
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.16
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 30
<NAME>Currency Hedged International Bond Fund, Cl 3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 429,085,209
<INVESTMENTS-AT-VALUE> 450,374,884
<RECEIVABLES> 52,563,631
<ASSETS-OTHER> 6,399,306
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 509,337,821
<PAYABLE-FOR-SECURITIES> 16,812,715
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,383,884
<TOTAL-LIABILITIES> 39,196,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,604,897
<SHARES-COMMON-STOCK> 38,558,577
<SHARES-COMMON-PRIOR> 21,628,308
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,695,280)
<ACCUMULATED-NET-GAINS> 21,692,673
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42,538,932
<NET-ASSETS> 468,978,846
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,853,557
<OTHER-INCOME> 0
<EXPENSES-NET> 1,425,577
<NET-INVESTMENT-INCOME> 24,427,980
<REALIZED-GAINS-CURRENT> 37,571,408
<APPREC-INCREASE-CURRENT> 19,939,588
<NET-CHANGE-FROM-OPS> 81,938,976
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,376,190)
<DISTRIBUTIONS-OF-GAINS> (15,129,774)
<DISTRIBUTIONS-OTHER> (14,706,753)
<NUMBER-OF-SHARES-SOLD> 20,865,195
<NUMBER-OF-SHARES-REDEEMED> (7,658,494)
<SHARES-REINVESTED> 3,723,568
<NET-CHANGE-IN-ASSETS> 232,816,988
<ACCUMULATED-NII-PRIOR> 2,213,016
<ACCUMULATED-GAINS-PRIOR> 27,472
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,782,864
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,576,213
<AVERAGE-NET-ASSETS> 356,358,509
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> 2.07
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> (0.89)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.16
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 31
<NAME> Currency Hedged International Core Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 599,882,608
<INVESTMENTS-AT-VALUE> 623,775,960
<RECEIVABLES> 23,232,619
<ASSETS-OTHER> 6,238,307
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 653,246,886
<PAYABLE-FOR-SECURITIES> 5,337,815
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66,809,986
<TOTAL-LIABILITIES> 72,147,801
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 510,898,081
<SHARES-COMMON-STOCK> 45,811,127
<SHARES-COMMON-PRIOR> 35,278,555
<ACCUMULATED-NII-CURRENT> 31,487,338
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,851,199
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,862,467
<NET-ASSETS> 581,099,085
<DIVIDEND-INCOME> 11,592,957
<INTEREST-INCOME> 3,648,473
<OTHER-INCOME> 0
<EXPENSES-NET> 3,691,145
<NET-INVESTMENT-INCOME> 11,550,285
<REALIZED-GAINS-CURRENT> 56,218,667
<APPREC-INCREASE-CURRENT> 11,580,140
<NET-CHANGE-FROM-OPS> 79,349,092
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,206,199)
<DISTRIBUTIONS-OF-GAINS> (18,177,235)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,351,665
<NUMBER-OF-SHARES-REDEEMED> (7,998,316)
<SHARES-REINVESTED> 2,179,223
<NET-CHANGE-IN-ASSETS> 173,872,507
<ACCUMULATED-NII-PRIOR> 6,114,326
<ACCUMULATED-GAINS-PRIOR> 2,838,672
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,841,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,909,297
<AVERAGE-NET-ASSETS> 512,242,053
<PER-SHARE-NAV-BEGIN> 11.54
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> (0.43)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.68
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 32
<NAME> Global Bond Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 69,738,554
<INVESTMENTS-AT-VALUE> 70,517,566
<RECEIVABLES> 3,746,359
<ASSETS-OTHER> 482,673
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,746,598
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,332,288
<TOTAL-LIABILITIES> 3,332,288
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,139,724
<SHARES-COMMON-STOCK> 63,582
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,195,168
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 60,126
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,292
<NET-ASSETS> 646,038
<DIVIDEND-INCOME> 74
<INTEREST-INCOME> 6,093
<OTHER-INCOME> 0
<EXPENSES-NET> 443
<NET-INVESTMENT-INCOME> 5,724
<REALIZED-GAINS-CURRENT> (1,562)
<APPREC-INCREASE-CURRENT> 13,028
<NET-CHANGE-FROM-OPS> 17,190
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 63,582
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 646,038
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 220,921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 451,388
<AVERAGE-NET-ASSETS> 94,415
<PER-SHARE-NAV-BEGIN> 10.30
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (0.23)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 33
<NAME> Global Bond Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 69,738,554
<INVESTMENTS-AT-VALUE> 70,517,566
<RECEIVABLES> 3,746,359
<ASSETS-OTHER> 482,673
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,746,598
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,332,288
<TOTAL-LIABILITIES> 3,332,288
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,139,724
<SHARES-COMMON-STOCK> 6,963,365
<SHARES-COMMON-PRIOR> 3,143,053
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 70,768,272
<DIVIDEND-INCOME> 49,174
<INTEREST-INCOME> 4,133,696
<OTHER-INCOME> 0
<EXPENSES-NET> 213,702
<NET-INVESTMENT-INCOME> 3,969,168
<REALIZED-GAINS-CURRENT> 3,057,823
<APPREC-INCREASE-CURRENT> 351,397
<NET-CHANGE-FROM-OPS> 7,378,422
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,484,400)
<DISTRIBUTIONS-OF-GAINS> (2,181,543)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,047,314
<NUMBER-OF-SHARES-REDEEMED> (662,011)
<SHARES-REINVESTED> 435,009
<NET-CHANGE-IN-ASSETS> 39,695,854
<ACCUMULATED-NII-PRIOR> 145,359
<ACCUMULATED-GAINS-PRIOR> (255,309)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 220,921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 451,388
<AVERAGE-NET-ASSETS> 63,021,997
<PER-SHARE-NAV-BEGIN> 9.89
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.59
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> (0.36)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 34
<NAME> REIT, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 245,112,358
<INVESTMENTS-AT-VALUE> 267,139,719
<RECEIVABLES> 488,349
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 267,628,068
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,657,764
<TOTAL-LIABILITIES> 6,657,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,875,136
<SHARES-COMMON-STOCK> 3,284
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,209,863
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,552,016
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,333,289
<NET-ASSETS> 41,454
<DIVIDEND-INCOME> 88
<INTEREST-INCOME> 40
<OTHER-INCOME> 0
<EXPENSES-NET> 26
<NET-INVESTMENT-INCOME> 102
<REALIZED-GAINS-CURRENT> 127
<APPREC-INCREASE-CURRENT> (440)
<NET-CHANGE-FROM-OPS> (211)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,284
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 41,454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 666,973
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 897,984
<AVERAGE-NET-ASSETS> 3,220
<PER-SHARE-NAV-BEGIN> 12.58
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.62
<EXPENSE-RATIO> 0.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 35
<NAME> REIT, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 245,112,358
<INVESTMENTS-AT-VALUE> 267,139,719
<RECEIVABLES> 488,349
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 267,628,068
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,657,764
<TOTAL-LIABILITIES> 6,657,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,875,136
<SHARES-COMMON-STOCK> 20,672,613
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,209,863
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,552,016
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,333,289
<NET-ASSETS> 260,928,850
<DIVIDEND-INCOME> 4,441,896
<INTEREST-INCOME> 365,818
<OTHER-INCOME> 0
<EXPENSES-NET> 611,574
<NET-INVESTMENT-INCOME> 4,196,140
<REALIZED-GAINS-CURRENT> 4,238,908
<APPREC-INCREASE-CURRENT> 22,333,729
<NET-CHANGE-FROM-OPS> 30,768,777
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,888,627)
<DISTRIBUTIONS-OF-GAINS> (784,771)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,722,033
<NUMBER-OF-SHARES-REDEEMED> (230,093)
<SHARES-REINVESTED> 180,673
<NET-CHANGE-IN-ASSETS> 260,928,850
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 666,973
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 897,984
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 2.60
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.62
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 36
<NAME> Foreign Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 703,495,897
<INVESTMENTS-AT-VALUE> 745,706,342
<RECEIVABLES> 2,705,964
<ASSETS-OTHER> 6,584,258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 754,996,564
<PAYABLE-FOR-SECURITIES> 4,552,487
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,767,352
<TOTAL-LIABILITIES> 56,319,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 659,398,781
<SHARES-COMMON-STOCK> 459,112
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (76,274)
<ACCUMULATED-NET-GAINS> (2,863,625)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42,217,843
<NET-ASSETS> 4,890,763
<DIVIDEND-INCOME> 38,874
<INTEREST-INCOME> 12,461
<OTHER-INCOME> 0
<EXPENSES-NET> 24,517
<NET-INVESTMENT-INCOME> 26,818
<REALIZED-GAINS-CURRENT> (23,843)
<APPREC-INCREASE-CURRENT> 366,298
<NET-CHANGE-FROM-OPS> 369,273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32,692)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 455,993
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3,119
<NET-CHANGE-IN-ASSETS> 4,890,904
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,034,381
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,359,089
<AVERAGE-NET-ASSETS> 2,746,278
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.78
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 37
<NAME> Foreign Fund, Class II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 703,495,897
<INVESTMENTS-AT-VALUE> 745,706,342
<RECEIVABLES> 2,705,964
<ASSETS-OTHER> 6,584,258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 754,996,564
<PAYABLE-FOR-SECURITIES> 4,552,487
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,767,352
<TOTAL-LIABILITIES> 56,319,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 659,398,781
<SHARES-COMMON-STOCK> 2,061,100
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (76,274)
<ACCUMULATED-NET-GAINS> (2,863,625)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42,217,843
<NET-ASSETS> 21,956,554
<DIVIDEND-INCOME> 65,482
<INTEREST-INCOME> 24,763
<OTHER-INCOME> 0
<EXPENSES-NET> 45,511
<NET-INVESTMENT-INCOME> 44,734
<REALIZED-GAINS-CURRENT> (55,119)
<APPREC-INCREASE-CURRENT> 867,387
<NET-CHANGE-FROM-OPS> 857,002
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (86,399)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,052,856
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 8,244
<NET-CHANGE-IN-ASSETS> 21,957,002
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,034,381
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,359,089
<AVERAGE-NET-ASSETS> 5,401,724
<PER-SHARE-NAV-BEGIN> 10.02
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.65
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> 0.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 38
<NAME> Foreign Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 703,495,897
<INVESTMENTS-AT-VALUE> 745,706,342
<RECEIVABLES> 2,705,964
<ASSETS-OTHER> 6,584,258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 754,996,564
<PAYABLE-FOR-SECURITIES> 4,552,487
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,767,352
<TOTAL-LIABILITIES> 56,319,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 659,398,781
<SHARES-COMMON-STOCK> 63,052,464
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (76,274)
<ACCUMULATED-NET-GAINS> (2,863,625)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42,217,843
<NET-ASSETS> 671,829,408
<DIVIDEND-INCOME> 6,155,177
<INTEREST-INCOME> 1,792,953
<OTHER-INCOME> 0
<EXPENSES-NET> 3,021,090
<NET-INVESTMENT-INCOME> 4,927,040
<REALIZED-GAINS-CURRENT> (3,300,458)
<APPREC-INCREASE-CURRENT> 40,984,158
<NET-CHANGE-FROM-OPS> 42,610,740
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,439,981)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,118,750
<NUMBER-OF-SHARES-REDEEMED> (1,233,785)
<SHARES-REINVESTED> 167,499
<NET-CHANGE-IN-ASSETS> 671,828,819
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,034,381
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,359,089
<AVERAGE-NET-ASSETS> 396,475,808
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.66
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.66
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 39
<NAME> International Equity Allocation Fund, Class II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 45,403,506
<INVESTMENTS-AT-VALUE> 45,959,357
<RECEIVABLES> 4,162
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,963,519
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,617
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,676,974
<SHARES-COMMON-STOCK> 1,487,501
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 716,077
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 555,851
<NET-ASSETS> 15,489,842
<DIVIDEND-INCOME> 24,765
<INTEREST-INCOME> (24,733)
<OTHER-INCOME> 0
<EXPENSES-NET> 1,962
<NET-INVESTMENT-INCOME> (1,930)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 564,014
<NET-CHANGE-FROM-OPS> 562,084
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (98,709)
<DISTRIBUTIONS-OF-GAINS> (44,198)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,473,267
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 14,234
<NET-CHANGE-IN-ASSETS> 15,489,842
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,786
<AVERAGE-NET-ASSETS> 2,761,773
<PER-SHARE-NAV-BEGIN> 10.10
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 0.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 40
<NAME> International Equity Allocation Fund, Class
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 45,403,506
<INVESTMENTS-AT-VALUE> 45,959,357
<RECEIVABLES> 4,162
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,963,519
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,617
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,676,974
<SHARES-COMMON-STOCK> 2,925,208
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 716,077
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 555,851
<NET-ASSETS> 30,459,060
<DIVIDEND-INCOME> 235,762
<INTEREST-INCOME> 24,856
<OTHER-INCOME> 0
<EXPENSES-NET> 626
<NET-INVESTMENT-INCOME> 259,992
<REALIZED-GAINS-CURRENT> 832,119
<APPREC-INCREASE-CURRENT> (8,163)
<NET-CHANGE-FROM-OPS> 1,083,376
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (159,298)
<DISTRIBUTIONS-OF-GAINS> (71,327)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,910,529
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 14,679
<NET-CHANGE-IN-ASSETS> 30,459,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,786
<AVERAGE-NET-ASSETS> 7,219,328
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 0.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 41
<NAME> World Equity Allocation Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 44,809,743
<INVESTMENTS-AT-VALUE> 46,179,565
<RECEIVABLES> 5,735
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,185,300
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,008
<TOTAL-LIABILITIES> 15,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,429,227
<SHARES-COMMON-STOCK> 896,088
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 371,243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,369,822
<NET-ASSETS> 9,424,152
<DIVIDEND-INCOME> 71,089
<INTEREST-INCOME> 16,001
<OTHER-INCOME> 0
<EXPENSES-NET> 6,896
<NET-INVESTMENT-INCOME> 80,194
<REALIZED-GAINS-CURRENT> 303,148
<APPREC-INCREASE-CURRENT> 211,157
<NET-CHANGE-FROM-OPS> 594,499
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (95,809)
<DISTRIBUTIONS-OF-GAINS> (157,650)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 870,993
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 25,095
<NET-CHANGE-IN-ASSETS> 9,424,152
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39,610
<AVERAGE-NET-ASSETS> 4,446,995
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.72
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> 0.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 42
<NAME> World Equity Allocation Fund, Class II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 44,809,743
<INVESTMENTS-AT-VALUE> 46,179,565
<RECEIVABLES> 5,735
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,185,300
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,008
<TOTAL-LIABILITIES> 15,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,429,227
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 371,243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,369,822
<NET-ASSETS> 0
<DIVIDEND-INCOME> 10,732
<INTEREST-INCOME> 9,120
<OTHER-INCOME> 0
<EXPENSES-NET> 1,407
<NET-INVESTMENT-INCOME> 18,445
<REALIZED-GAINS-CURRENT> 97,893
<APPREC-INCREASE-CURRENT> (91,849)
<NET-CHANGE-FROM-OPS> 24,489
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 412,344
<NUMBER-OF-SHARES-REDEEMED> (412,344)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39,610
<AVERAGE-NET-ASSETS> 1,193,071
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 0.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 43
<NAME> World Equity Allocation Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 44,809,743
<INVESTMENTS-AT-VALUE> 46,179,565
<RECEIVABLES> 5,735
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,185,300
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,008
<TOTAL-LIABILITIES> 15,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,429,227
<SHARES-COMMON-STOCK> 3,494,003
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 371,243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,369,822
<NET-ASSETS> 36,746,140
<DIVIDEND-INCOME> 86,482
<INTEREST-INCOME> (24,990)
<OTHER-INCOME> 0
<EXPENSES-NET> 261
<NET-INVESTMENT-INCOME> 61,231
<REALIZED-GAINS-CURRENT> 233,534
<APPREC-INCREASE-CURRENT> 1,250,514
<NET-CHANGE-FROM-OPS> 1,545,279
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (65,241)
<DISTRIBUTIONS-OF-GAINS> (104,501)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,482,496
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 11,507
<NET-CHANGE-IN-ASSETS> 36,746,140
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39,610
<AVERAGE-NET-ASSETS> 6,746,470
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.63
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 44
<NAME> Global (US+) Equity Allocation Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 30,415,522
<INVESTMENTS-AT-VALUE> 30,793,184
<RECEIVABLES> 6,119
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,799,303
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,724
<TOTAL-LIABILITIES> 12,724
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,871,668
<SHARES-COMMON-STOCK> 2,988,868
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (8)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 537,287
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 377,632
<NET-ASSETS> 30,786,579
<DIVIDEND-INCOME> 202,100
<INTEREST-INCOME> 269
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 202,369
<REALIZED-GAINS-CURRENT> 672,205
<APPREC-INCREASE-CURRENT> 377,632
<NET-CHANGE-FROM-OPS> 1,252,206
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (202,377)
<DISTRIBUTIONS-OF-GAINS> (134,918)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,086,368
<NUMBER-OF-SHARES-REDEEMED> (97,500)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 30,786,579
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (19,111)
<AVERAGE-NET-ASSETS> 6,318,611
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 0.38
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (0.08)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 45
<NAME> Global Balanced Allocation Fund, Class I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 20,445,718
<INVESTMENTS-AT-VALUE> 21,219,808
<RECEIVABLES> 49,845
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,269,653
<PAYABLE-FOR-SECURITIES> 50,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,074
<TOTAL-LIABILITIES> 62,074
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,277,679
<SHARES-COMMON-STOCK> 612,128
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 155,810
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 774,090
<NET-ASSETS> 6,848,458
<DIVIDEND-INCOME> 46,994
<INTEREST-INCOME> 22,130
<OTHER-INCOME> 0
<EXPENSES-NET> 3,613
<NET-INVESTMENT-INCOME> 65,511
<REALIZED-GAINS-CURRENT> 206,597
<APPREC-INCREASE-CURRENT> 291,565
<NET-CHANGE-FROM-OPS> 563,673
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (64,042)
<DISTRIBUTIONS-OF-GAINS> (48,900)
<DISTRIBUTIONS-OTHER> (1,958)
<NUMBER-OF-SHARES-SOLD> 601,548
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 10,580
<NET-CHANGE-IN-ASSETS> 6,848,458
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,030
<AVERAGE-NET-ASSETS> 2,384,603
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 1.35
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 0.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 46
<NAME> Global Balanced Allocation Fund, Class II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 20,445,718
<INVESTMENTS-AT-VALUE> 21,219,808
<RECEIVABLES> 49,845
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,269,653
<PAYABLE-FOR-SECURITIES> 50,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,074
<TOTAL-LIABILITIES> 62,074
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,277,679
<SHARES-COMMON-STOCK> 1,283,396
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 155,810
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 774,090
<NET-ASSETS> 14,359,121
<DIVIDEND-INCOME> 22,115
<INTEREST-INCOME> (22,061)
<OTHER-INCOME> 0
<EXPENSES-NET> 1,523
<NET-INVESTMENT-INCOME> (1,469)
<REALIZED-GAINS-CURRENT> 71
<APPREC-INCREASE-CURRENT> 482,525
<NET-CHANGE-FROM-OPS> 481,127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,283,396
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,359,121
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,030
<AVERAGE-NET-ASSETS> 1,163,092
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 0.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended February 28, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 47
<NAME> Global Properties Fund, Class III
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 9,475,695
<INVESTMENTS-AT-VALUE> 9,431,610
<RECEIVABLES> 2,961
<ASSETS-OTHER> 95,095
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,529,666
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,311
<TOTAL-LIABILITIES> 65,311
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,468,089
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 40,351
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (44,085)
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,266
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 80,416
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
GMO TRUST
MEETING OF SHAREHOLDERS
-----------------------
REPORT OF TELLER
May 22, 1996
The undersigned duly appointed Teller for the Meeting of Shareholders
of the GMO Core Fund, GMO Tobacco-Free Core Fund, GMO Value Allocation Fund, GMO
Growth Allocation Fund, GMO U.S. Sector Allocation Fund, GMO Core II Secondaries
Fund, GMO Fundamental Value Fund, GMO International Core Fund, GMO Currency
Hedged International Core Fund, GMO International Small Companies Fund, GMO
Japan Fund, GMO Emerging Markets Fund, GMO Global Hedged Equity Fund, GMO
Domestic Bond 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, and The Pelican Fund (each a Fund and collectively, the
"Funds") of GMO Trust (the "Trust"), hereby certifies with regard to such
meeting as follows:
1. The number of shares outstanding as of the record date for such
meeting was as follows:
FUND NO. OF SHARES
---- -------------
GMO Core Fund 164,927,799.684
GMO Tobacco-Free Core Fund 4,435,260.972
GMO Value Allocation Fund 22,206,592.775
GMO Growth Allocation Fund 65,838,433.804
GMO U.S. Sector Allocation Fund 15,483,058.262
GMO Core II Secondaries Fund 16,727,544.333
GMO Fundamental Value Fund 14,136,818.852
GMO International Core Fund 191,421,225.655
GMO Currency Hedged International Core Fund 36,996,734.502
GMO International Small Companies Fund 17,316,816.719
GMO Japan Fund 15,651,732.624
GMO Emerging Markets Fund 91,950,582.326
GMO Global Hedged Equity Fund 36,673,740.678
GMO Domestic Bond Fund 30,745,056.255
GMO Short-Term Income Fund 1,134,607.873
GMO International Bond Fund 18,281,359.581
GMO Currency Hedged International Bond Fund 21,451,591.049
GMO Global Bond Fund 5,930,618.119
GMO Emerging Country Debt Fund 49,840,753.856
The Pelican Fund 12,365,728.214
TOTAL: 833,516,056.133
2. The number of shares represented at this meeting in person or by
proxy constituted a quorum for the conduct of business of each Fund and was as
follows:
FUND NO. OF SHARES %
---- ------------- ---
GMO Core Fund 107,751,477.06 65.3
GMO Tobacco-Free Core Fund 4,435,260.97 100.0
GMO Value Allocation Fund 18,724,873.92 84.3
GMO Growth Allocation Fund 50,262,316.30 76.3
GMO U.S. Sector Allocation Fund 13,359,764.57 86.3
GMO Core II Secondaries Fund 14,237,727.54 85.1
GMO Fundamental Value Fund 14,126,747.85 99.9
GMO International Core Fund 111,119,490.95 58.0
GMO Currency Hedged International 22,731,159.51 61.4
Core Fund
GMO International Small Companies Fund 13,269,783.86 76.6
GMO Japan Fund 15,651,366.25 100.0
GMO Emerging Markets Fund 70,955,889.56 77.2
GMO Global Hedged Equity Fund 29,177,251.58 79.6
GMO Domestic Bond Fund 25,884,181.62 84.2
GMO Short-Term Income Fund 961,742.15 84.8
GMO International Bond Fund 15,538,419.25 85.0
GMO Currency Hedged International Bond Fund 19,172,273.32 89.4
GMO Global Bond Fund 5,930,618.12 100.0
GMO Emerging Country Debt Fund 42,349,211.87 85.0
The Pelican Fund 2,844,226.03 23.0
TOTAL: 598,483,782.33 71.8
-2-
I. ELECTION OF TRUSTEES.
VOTED: To elect the following named persons to serve as Trustees of
the Trust as proposed and described in the Proxy Statement of
the Trust dated April 16, 1996 (the "Proxy Statement"), each
Trustee to hold office in accordance with the Agreement and
Declaration of Trust and the Bylaws:
FOR % AGAINST %
R. Jeremy Grantham 587,076,635.91 98.1 11,407,146.41 1.9
Harvey R. Margolis 586,414,643.05 98.0 12,069,139.27 2.0
Jay O. Light 586,414,467.92 98.0 12,069,314.40 2.0
-3-
II. APPROVAL TO MAKE NON-FUNDAMENTAL THE FUNDAMENTAL INVESTMENT POLICY
RELATING TO INVESTMENTS IN OTHER INVESTMENT COMPANIES
VOTED: To make non-fundamental the Fund's fundamental investment
policy relating to investments in the securities of other
investment companies as proposed and described in the Proxy
Statement.
<TABLE>
<CAPTION>
FUND FOR % AGAINST % ABSTAIN %
---- --- - ------- - ------- -
<S> <C> <C> <C> <C> <C> <C>
GMO Core Fund 90,556,577.75 84.0 14,449,764.36 13.4 2,745,134.95 2.5
GMO Tobacco-Free Core Fund 4,435,260.97 100.0 0.00 0.0 0.00 0.0
GMO Value Allocation Fund 14,648,351.68 78.2 3,320,011.36 17.7 756,510.88 4.0
GMO Growth Allocation Fund 47,934,422.66 95.4 756,364.43 1.5 1,571,529.21 3.1
GMO U.S. Sector Allocation Fund 10,427,259.60 78.0 2,932,504.98 22.0 0.00 0.0
GMO Core II Secondaries Fund 13,819,731.19 97.1 417,996.35 2.9 0.00 0.0
GMO Fundamental Value Fund 14,126,747.85 100.0 0.00 0.0 0.00 0.0
GMO International Core Fund 94,043,945.36 84.6 11,995,176.78 10.8 5,018,098.67 4.5
GMO Currency Hedged 18,444,133.83 81.1 4,287,025.69 18.9 0.00 0.0
International Core Fund
GMO International Small 10,632,116.72 80.1 2,089,875.84 15.7 547,791.29 4.1
Companies Fund
GMO Japan Fund 8,510,507.42 54.4 7,140,858.83 45.6 0.00 0.0
GMO Emerging Markets Fund 66,647,702.28 93.9 2,770,796.79 3.9 1,530,356.81 2.2
GMO Global Hedged Equity Fund 27,625,718.77 94.7 328,782.37 1.1 1,222,750.44 4.2
GMO Domestic Bond Fund 25,696,086.06 99.3 0.00 0.0 188,095.56 0.7
GMO Short-Term Income Fund 879,571.73 91.5 0.00 0.0 82,170.42 8.5
GMO International Bond Fund 14,829,566.33 95.4 21,001.70 0.1 687,851.26 4.4
GMO Currency Hedged 18,937,613.35 98.8 70,513.53 0.4 164,146.44 0.9
International Bond Fund
GMO Global Bond Fund 5,180,618.12 87.4 0.00 0.0 750,000.00 12.6
GMO Emerging Country Debt Fund 40,397,701.94 95.4 1,408,499.53 3.3 543,010.40 1.3
The Pelican Fund 2,643,128.30 92.9 16,265.55 0.6 182,703.89 6.7
</TABLE>
-4-
III. APPROVAL TO MAKE NON-FUNDAMENTAL THE FUNDAMENTAL INVESTMENT POLICY
RELATING TO RESTRICTED SECURITIES.
VOTED: To make non-fundamental the Fund's fundamental investment
policy relating to restricted securities as proposed and
described in the Proxy Statement.
<TABLE>
<CAPTION>
FUND FOR % AGAINST % ABSTAIN %
---- --- --- --------- --- ------- ---
<S> <C> <C> <C> <C> <C> <C>
GMO Core Fund 90,077,800.38 83.6 14,928,541.73 13.9 2,745,134.95 2.5
GMO Tobacco-Free Core Fund 802,952.22 18.1 3,632,308.75 81.9 0.00 0.0
GMO Value Allocation Fund 14,416,819.98 77.0 3,551,543.06 19.0 756,510.88 4.0
GMO Growth Allocation Fund 38,604,459.80 76.8 1,344,053.00 2.7 10,313,803.49 20.5
GMO U.S. Sector Allocation Fund 10,427,259.60 78.0 2,932,504.98 22.0 0.00 0.0
GMO Core II Secondaries Fund 13,819,731.19 97.1 417,996.35 2.9 0.00 0.0
GMO Fundamental Value Fund 14,126,747.85 100.0 0.00 0.0 0.00 0.0
GMO International Core Fund 93,608,424.15 84.2 12,492,968.13 11.2 5,018,098.67 4.5
GMO International Small 10,506,615.55 79.2 2,215,377.02 16.7 547,791.29 4.1
Companies Fund
GMO Japan Fund 8,510,507.42 54.4 7,140,858.83 45.6 0.00 0.0
GMO Emerging Markets Fund 65,528,254.31 92.4 3,890,244.76 5.5 1,530,356.81 2.2
GMO Short-Term Income Fund 879,571.73 91.5 0.00 0.0 82,170.42 8.5
</TABLE>
-5-
IV. APPROVAL OF THE AMENDMENT TO THE FUNDAMENTAL INVESTMENT POLICY RELATING
TO BORROWING
VOTED: To approve the amendment of the Fund's investment policy
relating to borrowing as proposed and described in the Proxy
Statement.
<TABLE>
<CAPTION>
FUND FOR % AGAINST % ABSTAIN %
---- --- --- ------- --- ------- ---
<S> <C> <C> <C> <C> <C> <C>
GMO Core Fund 81,672,605.80 75.8 23,333,736.51 21.7 2,745,134.95 2.5
GMO Tobacco-Free Core Fund 4,435,260.97 100.0 0.00 0.0 0.00 0.0
GMO Value Allocation Fund 13,988,114.08 74.7 3,980,248.95 21.3 756,510.88 4.0
GMO Growth Allocation Fund 37,528,771.56 74.7 2,419,741.24 4.8 10,313,803.49 20.5
GMO U.S. Sector Allocation Fund 10,427,259.60 78.0 2,932,504.98 22.0 0.00 0.0
GMO Core II Secondaries Fund 12,475,142.89 87.6 1,762,584.65 12.4 0.00 0.0
GMO Fundamental Value Fund 14,126,747.85 100.0 0.00 0.0 0.00 0.0
GMO International Core Fund 79,790,354.80 71.8 26,311,037.48 23.7 5,018,098.67 4.5
GMO Currency Hedged 17,043,958.27 75.0 5,687,201.24 25.0 0.00 0.0
International Core Fund
GMO International Small 10,075,036.03 75.9 2,646,956.53 19.9 547,791.29 4.1
Companies Fund
GMO Japan Fund 4,655,058.54 29.7 10,996,307.71 70.3 0.00 0.0
GMO Emerging Markets Fund 62,589,393.70 88.2 6,829,105.37 9.6 1,530,356.81 2.2
GMO Global Hedged Equity Fund 25,487,156.96 87.4 2,467,344.18 8.5 1,222,750.44 4.2
GMO Domestic Bond Fund 25,234,957.34 97.5 461,128.72 1.8 188,095.56 0.7
GMO Short-Term Income Fund 879,571.73 91.5 0.00 0.0 82,170.42 8.5
GMO International Bond Fund 14,426,922.11 92.8 423,645.92 2.7 687,851.26 4.4
GMO Currency Hedged 18,478,562.18 96.4 529,564.70 2.8 164,146.44 0.9
International Bond Fund
GMO Global Bond Fund 5,180,618.12 87.4 0.00 0.0 750,000.00 12.6
GMO Emerging Country Debt Fund 39,020,958.08 92.1 2,785,243.39 6.6 543,010.40 1.3
The Pelican Fund 1,768,276.51 62.2 890,957.15 32.5 182,578.63 6.7
</TABLE>
-6-
V. APPROVAL TO MAKE NON-FUNDAMENTAL THE FUNDAMENTAL INVESTMENT POLICY
RELATING TO PLEDGING, HYPOTHECATING, MORTGAGING OR OTHERWISE
ENCUMBERING ASSETS
VOTED: To make non-fundamental the Fund's fundamental investment
policy relating to pledging, hypothecating, mortgaging or
otherwise encumbering assets as proposed and described in the
Proxy Statement.
<TABLE>
<CAPTION>
FUND FOR % AGAINST % ABSTAIN %
---- --- --- ------- --- ------- ---
<S> <C> <C> <C> <C> <C> <C>
GMO Core Fund 85,523,316.30 79.4 19,483,025.81 18.1 2,745,134.95 2.5
GMO Tobacco-Free Core Fund 4,435,260.97 100.0 0.00 0.0 0.00 0.0
GMO Value Allocation Fund 13,988,114.08 74.7 3,980,248.95 21.3 756,510.88 4.0
GMO Growth Allocation Fund 37,528,771.56 74.7 2,419,741.24 4.8 10,313,803.49 20.5
GMO U.S. Sector Allocation Fund 10,427,259.60 78.0 2,932,504.98 22.0 0.00 0.0
GMO Core II Secondaries Fund 12,475,142.89 87.6 1,762,584.65 12.4 0.00 0.0
GMO Fundamental Value Fund 14,126,747.85 100.0 0.00 0.0 0.00 0.0
GMO International Core Fund 80,756,751.67 72.7 25,344,640.61 22.8 5,018,098.67 4.5
GMO Currency Hedged 17,043,958.27 75.0 5,687,201.24 25.0 0.00 0.0
International Core Fund
GMO International Small 10,075,036.03 75.9 2,646,956.53 19.9 547,791.29 4.1
Companies Fund
GMO Japan Fund 4,655,058.54 29.7 10,996,307.71 70.3 0.00 0.0
GMO Emerging Markets Fund 63,159,620.11 89.0 6,258,878.96 8.8 1,530,356.81 2.2
GMO Global Hedged Equity Fund 25,487,156.96 87.4 2,467,344.18 8.5 1,222,750.44 4.2
GMO Domestic Bond Fund 25,234,957.34 97.5 461,128.72 1.8 188,095.56 0.7
GMO Short-Term Income Fund 879,571.73 91.5 0.00 0.0 82,170.42 8.5
GMO International Bond Fund 14,426,922.11 92.8 423,645.92 2.7 687,851.26 4.4
GMO Currency Hedged 18,478,562.18 96.4 529,564.70 2.8 164,146.44 0.9
International Bond Fund
GMO Global Bond Fund 5,180,618.12 87.4 0.00 0.0 750,000.00 12.6
GMO Emerging Country Debt Fund 39,095,997.85 92.3 2,710,203.62 6.4 543,010.40 1.3
</TABLE>
-7-
VI. APPROVAL TO MAKE NON-FUNDAMENTAL THE FUNDAMENTAL INVESTMENT POLICY
RELATING TO INVESTMENTS IN ANY ONE ISSUER
VOTED: To make non-fundamental the Fund's fundamental investment
policy relating to investments by the Fund in any one issuer as
proposed and described in the Proxy Statement.
<TABLE>
<CAPTION>
FUND FOR % AGAINST % ABSTAIN %
---- --- --- ------- --- ------- ---
<S> <C> <C> <C> <C> <C> <C>
GMO Core Fund 88,580,164.92 82.2 16,426,177.19 15.2 2,745,134.95 2.5
GMO Tobacco-Free Core Fund 4,435,260.97 100.0 0.00 0.0 0.00 0.0
GMO Core II Secondaries Fund 13,819,731.19 97.1 417,996.35 2.9 0.00 0.0
GMO Fundamental Value Fund 14,126,747.85 100.0 0.00 0.0 0.00 0.0
GMO International Core Fund 82,619,063.70 74.4 23,319,088.64 21.0 5,181,338.62 4.7
GMO Currency Hedged 18,164,061.37 79.9 4,567,098.15 20.1 0.00 0.0
International Core Fund
GMO International Small 9,677,348.87 72.9 2,459,631.75 18.5 547,791.29 4.1
Companies Fund
GMO Japan Fund 4,655,058.54 29.7 10,996,307.71 70.3 0.00 0.0
The Pelican Fund 2,608,632.68 91.7 41,807.71 1.5 184,552.58 6.7
</TABLE>
IN WITNESS WHEREOF, the undersigned Teller has prepared and signed
this certificate this 22nd day of May, 1996.
-------------------------
William R. Royer
-8-
MINUTES
MEETING OF SHAREHOLDERS
MAY 22, 1996
2:00 P.M.
GMO TRUST
GMO CORE FUND
GMO TOBACCO-FREE CORE FUND
GMO VALUE ALLOCATION FUND
GMO GROWTH ALLOCATION FUND
GMO U.S. SECTOR ALLOCATION FUND
GMO CORE II SECONDARIES FUND
GMO FUNDAMENTAL VALUE FUND
GMO INTERNATIONAL CORE FUND
GMO CURRENCY HEDGED INTERNATIONAL CORE FUND
GMO INTERNATIONAL SMALL COMPANIES FUND
GMO JAPAN FUND
GMO EMERGING MARKETS FUND
GMO GLOBAL HEDGED EQUITY FUND
GMO DOMESTIC BOND 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
THE PELICAN FUND
Pursuant to Notice duly given, a special meeting of the shareholders of
GMO Trust (the "Trust") was held at the offices of Grantham, Mayo, Van Otterloo
& Co., 5th Floor, 40 Rowes Wharf, Boston, MA 02110, on May 22, 1996 at 2:00 p.m.
Present were R. Jeremy Grantham and William R. Royer.
The number of shares represented at the meeting in person or by proxy
constituted a quorum for the conduct of business for the Trust as a whole and
for each of the GMO Core Fund, GMO Tobacco-Free Core Fund, GMO Value Allocation
Fund, GMO Growth Allocation Fund, GMO U.S. Sector Allocation Fund, GMO Core II
Secondaries Fund, GMO Fundamental Value Fund, GMO International Core Fund, GMO
Currency Hedged International Core Fund, GMO International Small Companies Fund,
GMO Japan Fund, GMO Emerging Markets Fund, GMO Global Hedged Equity Fund, GMO
Domestic Bond Fund,
GMO Short-Term Income Fund, GMO International Bond Fund, GMO Currency Hedged
International Bond Fund, GMO Global Bond Fund and GMO Emerging Country Debt
Fund. (each a "Fund" and, collectively with the Pelican Fund, the "Funds"). A
quorum was not present for the Pelican Fund.
Mr. Grantham, President - Domestic Quantitative and Trustee of the
Trust, presided and Mr. Royer, Clerk of the Trust, kept the records of the
Meeting. Mr. Grantham appointed Mr. Royer as Teller.
Mr. Grantham welcomed the shareholders and declared the Meeting to be a
duly constituted meeting.
Mr. Grantham directed Mr. Royer to provide any shareholder or
representative of a shareholder a copy of the Notice and Proxy Statement
relating to the Meeting.
Mr. Grantham then stated that the items of business before the Meeting
were the election of Trustees of the Trust, the amendment of the policy of each
of the Funds relating to borrowing and making non-fundamental a number of
fundamental policies of the Funds. Mr. Grantham briefly described each of the
matters to be voted on. He then indicated that all votes on the proposals would
be taken by ballot, and opened the polls.
After shareholders voting in person or by proxy had cast their ballots
and the polls were closed, the Teller reported the results of the voting. He
reported that the following resolutions had been adopted by the affirmative vote
of the required number of shareholders of the Trust or of the indicated Funds,
and that the report of the Teller with respect to the number of shares voted on
each such matter by the shareholders of each of the Funds would be included with
the minutes of the Meeting:
VOTED: That the following nominees are elected as Trustees
of the Trust as proposed and described in the proxy
statement relating to this Meeting and dated April
16, 1996 (the Proxy Statement"), each Trustee to hold
office in accordance with the Agreement and
Declaration of Trust and the Bylaws:
R. Jeremy Grantham Harvey R. Margolis Jay O. Light
VOTED: That the fundamental policy of each Fund of the Trust
other than the Pelican Fund relating to investments
in the securities of other investment companies is
made non-fundamental as proposed and described in the
Proxy Statement.
-2-
VOTED: That the fundamental investment policy of the GMO
Core Fund, GMO Value Allocation Fund, GMO Growth
Allocation Fund, GMO U.S. Sector Allocation Fund, GMO
Core II Secondaries Fund, GMO Fundamental Value Fund,
GMO International Core Fund, GMO International Small
Companies Fund, GMO Japan Fund, GMO Emerging Markets
Fund, and GMO Short-Term Income Fund relating to
restricted securities be made non-fundamental as
proposed and described in the Proxy Statement.
VOTED: That the fundamental investment policy of each Fund
of the Trust other than the Pelican Fund and GMO
Japan Fund relating to borrowing be amended as
proposed and described in the Proxy Statement.
VOTED: That the fundamental investment policy of each Fund
of the Trust other then the Pelican Fund and the
Japan Fund relating to pledging, hypothecating,
mortgaging or otherwise encumbering assets is made
non-fundamental as proposed and described in the
Proxy Statement.
VOTED: That the fundamental policy of the GMO Core Fund, GMO
Tobacco- Free Core Fund, GMO Core II Secondaries
Fund, GMO Fundamental Value Fund, GMO International
Core Fund and GMO Currency Hedged International Core
Fund and GMO International Small Companies Fund,
relating to investments in the securities of any one
issuer be made non-fundamental as proposed and
described in the Proxy Statement.
There being no further business to come before the Meeting, Mr.
Grantham declared the Meeting adjourned.
-------------------------
William R. Royer
Clerk
-3-
FOREIGN TRADE INSTRUCTION FORM SUB-CUSTODIAN
______________ BANK, CITY SVENSKA HANDELSBANKEN
___________ TODAYS DATE 25-Apr-97
- --------------------------------------------------------------------------------
RECEIVE FREE: MT520 [ ] AGAINST PAYMENT MT521 [ X ]
- --------------------------------------------------------------------------------
Settlement Date 30: 29-Apr-97
----------
Transaction Ref 20: 25-Apr-97 4734
---------- --------- ----------
Today Log Ref Fund #
Date of Trade 31 P: 24-Apr-97
----------
ISIN 35B SE0000311359
---------------------------------------
SEDOL 5051746
---------------------------------------
Security Description DAHL INTL
---------------------------------------
Quantity of Securities [ CODE ] [ QUANTITY ]
Bonds/Face :FMT
Shares :SHS 35A: SHS 1,363
-------- --------------------------
Warrants :WTS
Safekeeping Account 83A: / 195-599-799
-----------
SWIFT Code INVB US 33
-----------------------------------------
Clearing Broker - BIC 87A: 0
or -----------------------------------------
Name 87D: ALFRED BERG
-----------------------------------------
City STOCKHOLM
-----------------------------------------
-----------------------------------------
-----------------------------------------
Trading Broker - Account # 85A:
-----------------------------------------
BIC 0
or -----------------------------------------
Account # 85D: 0
-----------------------------------------
Name ALFRED BERG, LONDON
-----------------------------------------
City
-----------------------------------------
[ CURR ] [ AMOUNT ]
Trade Price 33T: SEK 170.51
-------- ----------------------------
Settlement Amount 32B: SEK 232,986.1 4
-------- ----------------------------
Special Payment
instructions 72: /rec/
Holidays Checked ---------(MANDATORY)
Back up Attached ---------(MANDATORY)
Settlement
Authorization:
-----------
SWIFT Ref #
-----------
Prepared By ALKA P. (FA) Ext: 6671
----------------- -----------------
Reviewed By (SPVSR) Ext:
----------------- -----------------
April 22, 1997
To the Trustees of GMO Trust
In planning and performing our audits of the financial statements of
twenty-eight of the series (GMO Core Fund, GMO Value Fund, GMO Growth Fund, GMO
Short-Term Income Fund, GMO International Core Fund, GMO Japan Fund, GMO
International Small Companies Fund, GMO Tobacco-Free Core Fund, GMO Domestic
Bond Fund, GMO Emerging Country Debt Fund, GMO Global Hedged Equity Fund, GMO
Currency Hedged International Bond Fund, GMO U.S. Sector Fund, GMO Fundamental
Value Fund, GMO Emerging Markets Fund, GMO International Bond Fund, GMO Global
Bond Fund, GMO Currency Hedged International Core Fund, GMO Small Cap Growth
Fund, GMO Small Cap Value Fund, GMO REIT Fund, GMO World Equity Allocation Fund,
GMO International Equity Allocation Fund, GMO Global (U.S. +) Equity Allocation
Fund, GMO Global Balanced Allocation Fund, GMO Foreign Fund, GMO Global
Properties Fund and Pelican Fund) of the GMO Trust (the "Trust") for the year
ended February 28, 1997, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Trust is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use of disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
<PAGE>
To the Trustees of GMO Trust
Page 2
April 22, 1997
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
February 28, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/S/ PRICE WATERHOUSE LLP
