GMVRX Fees and Costs — Goldman Sachs Small/Mid Cap Equity Fund, Class R
Data updated: 2026-07-24
The net expense ratio is 1.42%: a 0.80% management fee, a 0.50% 12b-1 fee plus 0.40% other expenses, less a 0.28% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $110K in broker commissions, 0.0747% of average net assets, and portfolio turnover was 100%.
GMVRX Fees and Expenses
Annual operating expenses and sales charges of GMVRX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.40% |
| Gross expense ratio | 1.70% |
| Fee waiver | −0.28% |
| Net expense ratio | 1.42% |
| 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 |
GMVRX Costs Over Time
On $10,000 invested in GMVRX, assuming 5% a year before costs, total costs come to $926 over 5 years, cutting the return by 1.57% 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 1.42%) | $149 | $463 | $798 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $0 | $24 | $85 |
| Total costs | $157 | $511 | $926 |
| Value after costs | $10,343 | $11,065 | $11,837 |
| Impact on return, per year | 1.57% | 1.57% | 1.57% |
GMVRX 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): 0.0747%
- Total broker commissions: $110K
- Bought from dealers (principal trades, not a cost): $973K
- Portfolio turnover (prospectus): 100%
- Securities on loan, average value: $154K
- Net income from securities lending: $1K (0.001% of average net assets)
GMVRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $41K | 40.51% |
| MORGAN STANLEY & CO. LLC | $11K | 11.41% |
| CITIGROUP GLOBAL MARKETS INC. | $10K | 10.39% |
| BOFA SECURITIES, INC. | $9K | 8.83% |
| J.P. MORGAN SECURITIES LLC | $8K | 8.20% |
| JEFFERIES LLC | $8K | 8.15% |
| Stephens, Inc. | $4K | 4.06% |
| NATIONAL FINANCIAL SERVICES LLC | $3K | 3.49% |
| EVERCORE GROUP L.L.C. | $3K | 3.11% |
| PIPER SANDLER & CO. | $2K | 1.84% |
GMVRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $508K | 52.21% |
| BOFA SECURITIES, INC. | $465K | 47.79% |
Goldman Sachs Small/Mid Cap 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 |
|---|---|---|---|
| GMCUX | Class R6 | 0.83% | none |
| GSVPX | Class P | 0.83% | — |
| GSMVX | Institutional Class | 0.84% | none |
| GMVIX | Investor Shares | 0.92% | none |
| GMVAX | Class A | 1.17% | 5.50% |
| GMVRX | Class R | 1.42% | none |
| GMVCX | Class C | 1.92% | 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.