GAAAX Fees and Costs — GMO Opportunistic Income Fund, Class R6
Data updated: 2026-09-29
The net expense ratio is 0.58%: a 0.55% management fee plus 0.05% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $101K in broker commissions, 0.0077% of average net assets, and portfolio turnover was 0%.
GAAAX Fees and Expenses
Annual operating expenses and sales charges of GAAAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 0.05% |
| Gross expense ratio | 0.60% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.58% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GAAAX Costs Over Time
On $10,000 invested in GAAAX, assuming 5% a year before costs, total costs come to $371 over 5 years, cutting the return by 0.62% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.58%) | $61 | $191 | $332 |
| Trading costs (broker commissions) | $1 | $3 | $4 |
| Lost growth on money paid in costs | $0 | $10 | $34 |
| Total costs | $62 | $203 | $371 |
| Value after costs | $10,438 | $11,373 | $12,392 |
| Impact on return, per year | 0.62% | 0.62% | 0.62% |
GAAAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0077%
- Total broker commissions: $101K
- Bought from dealers (principal trades, not a cost): $36.5B
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
GAAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $80K | 79.53% |
| Morgan Stanley & Co. LLC | $21K | 20.47% |
GAAAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Daiwa Capital Markets America Inc. | $29.9B | 82.26% |
| Morgan Stanley & Co. LLC | $3.1B | 8.39% |
| Barclays Capital Inc. | $2.1B | 5.72% |
| State Street Bank and Trust Company | $977.2M | 2.69% |
| BofA Securities, Inc. | $89.1M | 0.24% |
| J.P. Morgan Securities LLC | $60.6M | 0.17% |
| Deutsche Bank Securities Inc. | $55.9M | 0.15% |
| Mizuho Securities USA LLC | $55.6M | 0.15% |
| Nomura Securities International, Inc. | $47.2M | 0.13% |
| Goldman Sachs & Co. LLC | $34.4M | 0.09% |
GMO Opportunistic Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GMODX | Class VI | 0.49% | — |
| GAAAX | Class R6 | 0.58% | — |
| GMOHX | Class III | 0.58% | — |
| GMOLX | Class I | 0.70% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.