GCTAX Fees and Costs — Goldman Sachs U.S. Tax-Managed Equity Fund, Class A
Data updated: 2026-08-26
The net expense ratio is 1.01%: a 0.63% management fee, a 0.25% 12b-1 fee plus 0.17% other expenses, less a 0.04% fee waiver. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2025 the fund paid $143K in broker commissions, 0.0037% of average net assets, and portfolio turnover was 188%.
GCTAX Fees and Expenses
Annual operating expenses and sales charges of GCTAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.63% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.17% |
| Gross expense ratio | 1.05% |
| Fee waiver | −0.04% |
| Net expense ratio | 1.01% |
| 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 |
GCTAX Costs Over Time
On $10,000 invested in GCTAX, assuming 5% a year before costs, total costs come to $1,301 over 5 years, cutting the return by 2.23% 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 1.01%) | $100 | $313 | $542 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $27 | $102 | $207 |
| Total costs | $678 | $966 | $1,301 |
| Value after costs | $9,822 | $10,610 | $11,462 |
| Impact on return, per year | 6.78% | 3.01% | 2.23% |
GCTAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0037%
- Total broker commissions: $143K
- Bought from dealers (principal trades, not a cost): $6K
- Portfolio turnover (prospectus): 188%
- Securities on loan, average value: $3.0M
- Net income from securities lending: $22K (0.001% of average net assets)
GCTAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $27K | 20.18% |
| BOFA SECURITIES, INC. | $24K | 17.89% |
| JEFFERIES LLC | $16K | 11.61% |
| J.P. Morgan Securities LLC | $14K | 10.44% |
| NATIONAL FINANCIAL SERVICES LLC | $12K | 8.95% |
| WELLS FARGO SECURITIES, LLC | $11K | 8.21% |
| BARCLAYS CAPITAL, INC. | $11K | 8.10% |
| CitiGroup Global Markets Inc. | $11K | 7.88% |
| UBS Securities LLC | $6K | 4.63% |
| INSTINET, LLC | $3K | 2.12% |
GCTAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| NATIONAL FINANCIAL SERVICES LLC | $6K | 100.00% |
Goldman Sachs U.S. Tax-Managed Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GCTRX | Class R6 | 0.68% | none |
| GSDPX | Class P | 0.68% | — |
| GCTIX | Institutional Class | 0.69% | none |
| GQIRX | Investor Shares | 0.76% | none |
| GCTAX | Class A | 1.01% | 5.50% |
| GCTSX | Service Class | 1.19% | none |
| GCTCX | Class C | 1.76% | 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.