GTLSX Fees and Costs — Long/Short Equity Portfolio, Institutional Shares
Data updated: 2026-09-14
The net expense ratio is 2.34%: a 1.20% management fee plus 1.60% other expenses, less a 0.46% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $94K in broker commissions, 0.2084% of average net assets, and portfolio turnover was 137%.
GTLSX Fees and Expenses
Annual operating expenses and sales charges of GTLSX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.20% |
| 12b-1 fee | — |
| Other expenses | 1.60% |
| Gross expense ratio | 2.80% |
| Fee waiver | −0.46% |
| Net expense ratio | 2.34% |
| 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 |
GTLSX Costs Over Time
On $10,000 invested in GTLSX, assuming 5% a year before costs, total costs come to $1,545 over 5 years, cutting the return by 2.68% 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 2.34%) | $246 | $754 | $1,287 |
| Trading costs (broker commissions) | $22 | $67 | $115 |
| Lost growth on money paid in costs | $0 | $41 | $144 |
| Total costs | $268 | $863 | $1,545 |
| Value after costs | $10,232 | $10,714 | $11,217 |
| Impact on return, per year | 2.68% | 2.68% | 2.68% |
GTLSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.2084%
- Total broker commissions: $94K
- Bought from dealers (principal trades, not a cost): $393.9M
- Portfolio turnover (prospectus): 137%
- Securities on loan, average value: $367K
- Net income from securities lending: $235 (0.001% of average net assets)
GTLSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $69K | 73.25% |
| Morgan Stanley & Co. LLC | $17K | 18.66% |
| Piper Sandler & Co. | $3K | 2.91% |
| BofA Securities, Inc. | $2K | 2.66% |
| Nomura Securities International, Inc. | $776 | 0.83% |
| Robert W. Baird & Co. Incorporated | $578 | 0.62% |
| Liquidnet, Inc. | $273 | 0.29% |
| National Financial Services LLC | $261 | 0.28% |
| BNY Capital Markets, LLC | $244 | 0.26% |
| Jefferies LLC | $231 | 0.25% |
GTLSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $393.9M | 100.00% |
Long/Short Equity Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GTLSX | Institutional Shares | 2.34% | — |
| GTAPX | Advisor Shares | 2.55% | — |
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.