GAAVX Fees and Costs — GMO Alternative Allocation Fund, Class VI
Data updated: 2026-09-29
The net expense ratio is 2.74%: a 0.79% management fee plus 2.06% other expenses, less a 0.11% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.9M in broker commissions, 0.2592% of average net assets, and portfolio turnover was 764%.
GAAVX Fees and Expenses
Annual operating expenses and sales charges of GAAVX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | — |
| Other expenses | 2.06% |
| Gross expense ratio | 2.85% |
| Fee waiver | −0.11% |
| Net expense ratio | 2.74% |
| 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 | Yes |
GAAVX Costs Over Time
On $10,000 invested in GAAVX, assuming 5% a year before costs, total costs come to $1,802 over 5 years, cutting the return by 3.15% 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 2.74%) | $288 | $879 | $1,493 |
| Trading costs (broker commissions) | $27 | $83 | $141 |
| Lost growth on money paid in costs | $0 | $48 | $169 |
| Total costs | $315 | $1,011 | $1,802 |
| Value after costs | $10,185 | $10,566 | $10,960 |
| Impact on return, per year | 3.15% | 3.15% | 3.15% |
GAAVX 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): 0.2592%
- Total broker commissions: $1.9M
- Bought from dealers (principal trades, not a cost): $22.1B
- Portfolio turnover (prospectus): 764%
- Securities lending: none during the year
GAAVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $300K | 18.90% |
| Nomura Securities International, Inc. | $258K | 16.23% |
| J.P. Morgan Securities LLC | $203K | 12.80% |
| State Street Global Markets, LLC | $198K | 12.50% |
| UBS Securities LLC | $152K | 9.56% |
| TD Securities (USA) LLC | $120K | 7.53% |
| Jefferies LLC | $105K | 6.59% |
| Citigroup Global Markets Inc. | $95K | 5.96% |
| Goldman Sachs & Co. LLC | $90K | 5.70% |
| Fidelity Brokerage Services LLC | $67K | 4.24% |
GAAVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Daiwa Capital Markets America Inc. | $16.1B | 73.24% |
| Morgan Stanley & Co. LLC | $2.7B | 12.44% |
| Barclays Capital Inc. | $1.2B | 5.57% |
| State Street Bank and Trust Company | $1.2B | 5.28% |
| Nomura Securities International, Inc. | $344.9M | 1.56% |
| Goldman Sachs & Co. LLC | $152.9M | 0.69% |
| Citigroup Global Markets Inc. | $121.2M | 0.55% |
| BMO Capital Markets Corp. | $81.4M | 0.37% |
| Mizuho Securities USA LLC | $40.8M | 0.18% |
| BofA Securities, Inc. | $25.3M | 0.11% |
GMO Alternative Allocation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GAAVX | Class VI | 2.74% | — |
| GAAKX | Class R6 | 2.90% | — |
| GAAGX | Class I | 3.02% | — |
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.