GLERX Fees and Costs — Goldman Sachs Energy Infrastructure Fund, Class R
Data updated: 2026-07-22
The net expense ratio is 1.71%: a 1.00% management fee, a 0.50% 12b-1 fee plus 0.28% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $250K in broker commissions, 0.0544% of average net assets, and portfolio turnover was 38%.
GLERX Fees and Expenses
Annual operating expenses and sales charges of GLERX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.78% |
| Fee waiver | −0.07% |
| Net expense ratio | 1.71% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
GLERX Costs Over Time
On $10,000 invested in GLERX, assuming 5% a year before costs, total costs come to $1,087 over 5 years, cutting the return by 1.85% 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 1.71%) | $180 | $556 | $956 |
| Trading costs (broker commissions) | $6 | $18 | $30 |
| Lost growth on money paid in costs | $0 | $29 | $100 |
| Total costs | $185 | $602 | $1,087 |
| Value after costs | $10,315 | $10,974 | $11,676 |
| Impact on return, per year | 1.85% | 1.85% | 1.85% |
GLERX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0544%
- Total broker commissions: $250K
- Bought from dealers (principal trades, not a cost): $6.7M
- Portfolio turnover (prospectus): 38%
- Securities lending: none during the year
GLERX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $62K | 28.87% |
| RBC CAPITAL MARKETS, LLC | $27K | 12.68% |
| BOFA SECURITIES, INC. | $25K | 11.75% |
| Stifel, Nicolaus & Company, Incorporated | $20K | 9.45% |
| Raymond James & Associates, Inc. | $19K | 8.90% |
| BERNSTEIN INSTITUTIONAL SERVICES LLC | $17K | 7.83% |
| BMO CAPITAL MARKETS CORP. | $12K | 5.62% |
| MORGAN STANLEY & CO. LLC | $12K | 5.39% |
| BARCLAYS CAPITAL, INC. | $11K | 5.07% |
| EVERCORE GROUP L.L.C. | $10K | 4.45% |
GLERX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PIPER SANDLER & CO. | $2.2M | 33.40% |
| CitiGroup Global Markets Inc. | $2.1M | 31.27% |
| Royal Bank of Canada | $2.0M | 29.28% |
| J.P. Morgan Securities LLC | $404K | 6.04% |
Goldman Sachs Energy Infrastructure Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GAMPX | Class P | 1.09% | — |
| GLESX | Class R6 | 1.09% | none |
| GLEPX | Institutional Shares | 1.10% | none |
| GLEIX | Investor Shares | 1.21% | none |
| GLEAX | Class A | 1.46% | 5.50% |
| GLERX | Class R | 1.71% | none |
| GLECX | Class C | 2.21% | 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.