GSAAX Fees and Costs — Goldman Sachs Municipal Income Completion Fund, Institutional Shares
Data updated: 2026-08-26
The net expense ratio is 0.00% (0.14% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $656 in broker commissions, 0.0002% of average net assets, and portfolio turnover was 34%.
GSAAX Fees and Expenses
Annual operating expenses and sales charges of GSAAX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.14% |
| Gross expense ratio | 0.14% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.00% |
| 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 |
GSAAX Costs Over Time
On $10,000 invested in GSAAX, assuming 5% a year before costs, total costs come to $0 over 5 years, cutting the return by 0.00% 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 0.00%) | $0 | $0 | $0 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $0 | $0 | $0 |
| Value after costs | $10,500 | $11,576 | $12,763 |
| Impact on return, per year | 0.00% | 0.00% | 0.00% |
GSAAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0002%
- Total broker commissions: $656
- Bought from dealers (principal trades, not a cost): $242.0M
- Portfolio turnover (prospectus): 34%
- Securities lending: none during the year
GSAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CitiGroup Global Markets Inc. | $656 | 100.00% |
GSAAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $60.0M | 31.02% |
| FMSBONDS, INC. | $45.0M | 23.30% |
| BARCLAYS CAPITAL, INC. | $18.0M | 9.31% |
| WELLS FARGO SECURITIES, LLC | $16.0M | 8.29% |
| RBC CAPITAL MARKETS, LLC | $10.9M | 5.62% |
| TD SECURITIES (USA) LLC | $10.1M | 5.24% |
| BOFA SECURITIES, INC. | $9.9M | 5.11% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $8.7M | 4.49% |
| PIPER SANDLER & CO. | $7.6M | 3.94% |
| MORGAN STANLEY & CO. LLC | $7.1M | 3.67% |
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.