<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from GMO Trust, form
N-SAR for the period ended August 31, 2000
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 403
<NAME> GMO Tax-Managed Small Companies Fund, Class III
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-2001
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 37,222,246
<INVESTMENTS-AT-VALUE> 40,849,060
<RECEIVABLES> 3,058,095
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,907,155
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,525
<TOTAL-LIABILITIES> 49,525
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,211,669
<SHARES-COMMON-STOCK> 4,386,046
<SHARES-COMMON-PRIOR> 4,098,174
<ACCUMULATED-NII-CURRENT> 102,522
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,082,981)
<ACCUM-APPREC-OR-DEPREC> 3,626,420
<NET-ASSETS> 43,857,630
<DIVIDEND-INCOME> 316,977
<INTEREST-INCOME> 50,293
<OTHER-INCOME> 0
<EXPENSES-NET> (142,617)
<NET-INVESTMENT-INCOME> 224,653
<REALIZED-GAINS-CURRENT> (4,442,672)
<APPREC-INCREASE-CURRENT> 6,239,997
<NET-CHANGE-FROM-OPS> 2,021,978
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (187,832)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 523,356
<NUMBER-OF-SHARES-REDEEMED> (236,945)
<SHARES-REINVESTED> 1,461
<NET-CHANGE-IN-ASSETS> 4,857,671
<ACCUMULATED-NII-PRIOR> 65,701
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (640,309)
<GROSS-ADVISORY-FEES> 112,056
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169,573
<AVERAGE-NET-ASSETS> 40,415,370
<PER-SHARE-NAV-BEGIN> 9.52
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.70
</TABLE>
