GBFFX Fees and Costs — GMO Benchmark-Free Fund, Class III
Data updated: 2026-07-29
The net expense ratio is 0.70% (0.76% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $408K in broker commissions, 0.0345% of average net assets, and portfolio turnover was 116%.
GBFFX Fees and Expenses
Annual operating expenses and sales charges of GBFFX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | — |
| Other expenses | 0.34% |
| Gross expense ratio | 0.76% |
| Fee waiver | −0.06% |
| Net expense ratio | 0.70% |
| 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 |
GBFFX Costs Over Time
On $10,000 invested in GBFFX, assuming 5% a year before costs, total costs come to $462 over 5 years, cutting the return by 0.77% 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 0.70%) | $74 | $230 | $400 |
| Trading costs (broker commissions) | $4 | $11 | $20 |
| Lost growth on money paid in costs | $0 | $12 | $42 |
| Total costs | $77 | $253 | $462 |
| Value after costs | $10,423 | $11,323 | $12,301 |
| Impact on return, per year | 0.77% | 0.77% | 0.77% |
GBFFX 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): 0.0345%
- Total broker commissions: $408K
- Bought from dealers (principal trades, not a cost): $35.9B
- Portfolio turnover (prospectus): 116%
- Securities on loan, average value: $13.0M
- Net income from securities lending: $97K (0.008% of average net assets)
GBFFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $60K | 18.49% |
| Jefferies LLC | $40K | 12.32% |
| Nomura Securities International, Inc. | $32K | 10.03% |
| BofA Securities, Inc. | $31K | 9.55% |
| Morgan Stanley & Co. LLC | $31K | 9.48% |
| SG Americas Securities, LLC | $29K | 8.86% |
| UBS Securities LLC | $27K | 8.42% |
| Goldman Sachs & Co. LLC | $27K | 8.30% |
| Citigroup Global Markets Inc. | $24K | 7.50% |
| BNP Paribas Securities Corp. | $23K | 7.04% |
GBFFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Nomura Securities International, Inc. | $34.2B | 95.22% |
| State Street Bank and Trust Company | $574.1M | 1.60% |
| Barclays Capital Inc. | $531.9M | 1.48% |
| Securities Finance Co | $223.2M | 0.62% |
| BofA Securities, Inc. | $117.7M | 0.33% |
| BMO Capital Markets Corp. | $101.2M | 0.28% |
| Goldman Sachs & Co. LLC | $80.9M | 0.23% |
| Citigroup Global Markets Inc. | $72.3M | 0.20% |
| Morgan Stanley & Co. LLC | $9.4M | 0.03% |
| Industrial and Commercial Bank of China Financial Services LLC | $2.2M | 0.01% |
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.