GNCFX Fees and Costs — Goldman Sachs Multi-Manager Non-Core Fixed Income Fund, Class R6
Data updated: 2026-09-22
The net expense ratio is 0.70%: a 0.85% management fee plus 0.17% other expenses, less a 0.33% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5K in broker commissions, 0.0003% of average net assets, and portfolio turnover was 146%.
GNCFX Fees and Expenses
Annual operating expenses and sales charges of GNCFX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | — |
| Other expenses | 0.17% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.33% |
| Net expense ratio | 0.70% |
| 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 |
GNCFX Costs Over Time
On $10,000 invested in GNCFX, assuming 5% a year before costs, total costs come to $441 over 5 years, cutting the return by 0.74% 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 0.70%) | $74 | $230 | $400 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $11 | $40 |
| Total costs | $74 | $242 | $441 |
| Value after costs | $10,426 | $11,335 | $12,322 |
| Impact on return, per year | 0.74% | 0.74% | 0.74% |
GNCFX 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): 0.0003%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $4.9B
- Portfolio turnover (prospectus): 146%
- Securities lending: none during the year
GNCFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $4K | 81.71% |
| Morgan Stanley & Co. LLC | $890 | 17.10% |
| Nomura Securities International, Inc. | $61 | 1.17% |
| BNY Capital Markets, LLC | $2 | 0.03% |
GNCFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $800.2M | 21.49% |
| BofA Securities, Inc. | $571.4M | 15.35% |
| HSBC Securities (USA) Inc. | $422.2M | 11.34% |
| Citigroup Global Markets Inc. | $388.2M | 10.43% |
| Morgan Stanley & Co. LLC | $381.5M | 10.25% |
| Barclays Capital Inc. | $363.3M | 9.76% |
| Deutsche Bank Securities Inc. | $281.9M | 7.57% |
| Jefferies LLC | $204.7M | 5.50% |
| BMO Capital Markets Corp. | $159.7M | 4.29% |
| Standard Chartered Securities (North America) LLC | $149.8M | 4.02% |
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.