EXHIBIT 1

                       CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in this Registration
Statement on Form N-1A of our report dated April 15, 2003 relating to the
financial statements and financial highlights of GMO Taiwan Fund, which appears
in such Registration Statement. We also consent to the references to us under
the headings "Financial Highlights" and "Investment Advisory and Other
Services-Independent Auditors" in such Registration Statement.



PricewaterhouseCoopers LLP
Boston, Massachusetts
January 14, 2004