Summary Prospectus by Investment Company (Form 497K)

GMO TRUST

GMO Emerging Country Debt Shares Fund

Supplement dated November 4, 2026 to the

Summary Prospectus, dated June 30, 2026, as revised October 20, 2026

The sections appearing on page 1 of the Summary Prospectus captioned "Shareholder Fees" and "Example" are replaced in their entirety with the following:

Shareholder fees

¹ These amounts are paid to and retained by GMO Emerging Country Debt Fund ("ECDF"), the underlying fund in which the Fund invests, to help offset estimated portfolio transaction and other related costs. The purchase premiums and redemption fees paid by the Fund to ECDF are indirectly borne pro rata by each Fund shareholder in connection with the Fund's investments in, and redemptions from, ECDF (including investments or redemptions made in connection with another Fund shareholder's purchase or redemption of Fund shares).

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same as those shown in the table. The one year amounts shown reflect the expense reimbursement and waiver noted in the expense table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: