GCMAX Fees and Costs — Goldman Sachs Mid Cap Value Fund, Class A
Data updated: 2026-07-24
The net expense ratio is 1.19%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.20% other expenses, less a 0.01% fee waiver. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2025 the fund paid $871K in broker commissions, 0.0777% of average net assets, and portfolio turnover was 73%.
GCMAX Fees and Expenses
Annual operating expenses and sales charges of GCMAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.20% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.19% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GCMAX Costs Over Time
On $10,000 invested in GCMAX, assuming 5% a year before costs, total costs come to $1,447 over 5 years, cutting the return by 2.50% 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 |
| Sales charges | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.19%) | $118 | $367 | $635 |
| Trading costs (broker commissions) | $8 | $24 | $41 |
| Lost growth on money paid in costs | $28 | $106 | $220 |
| Total costs | $703 | $1,047 | $1,447 |
| Value after costs | $9,797 | $10,529 | $11,316 |
| Impact on return, per year | 7.03% | 3.27% | 2.50% |
GCMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0777%
- Total broker commissions: $871K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 73%
- Securities on loan, average value: $220K
- Net income from securities lending: $1K (0.000% of average net assets)
GCMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $188K | 26.79% |
| CITIGROUP GLOBAL MARKETS INC. | $126K | 17.92% |
| JEFFERIES LLC | $95K | 13.51% |
| MORGAN STANLEY & CO. LLC | $77K | 11.04% |
| WELLS FARGO SECURITIES, LLC | $52K | 7.46% |
| ROBERT W. BAIRD & CO. INC. | $38K | 5.48% |
| KEYBANC CAPITAL MARKETS, INC. | $36K | 5.17% |
| BOFA SECURITIES, INC. | $33K | 4.78% |
| UBS Securities LLC | $32K | 4.59% |
| EVERCORE GROUP L.L.C. | $23K | 3.25% |
Goldman Sachs Mid Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GCMUX | Class R6 | 0.83% | none |
| GMPPX | Class P | 0.83% | — |
| GSMCX | Institutional Class | 0.84% | none |
| GCMTX | Investor Shares | 0.94% | none |
| GCMAX | Class A | 1.19% | 5.50% |
| GSMSX | Service Class | 1.34% | none |
| GCMRX | Class R | 1.44% | none |
| GCMCX | Class C | 1.94% | none |
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.