GSAEX Fees and Costs — Goldman Sachs China Equity Fund, Investor Shares
Data updated: 2026-09-24
The net expense ratio is 1.21%: a 1.00% management fee plus 1.10% other expenses, less a 0.89% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $46K in broker commissions, 0.1276% of average net assets, and portfolio turnover was 63%.
GSAEX Fees and Expenses
Annual operating expenses and sales charges of GSAEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.10% |
| Gross expense ratio | 2.10% |
| Fee waiver | −0.89% |
| Net expense ratio | 1.21% |
| 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 |
GSAEX Costs Over Time
On $10,000 invested in GSAEX, assuming 5% a year before costs, total costs come to $831 over 5 years, cutting the return by 1.40% 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 1.21%) | $127 | $395 | $683 |
| Trading costs (broker commissions) | $13 | $42 | $72 |
| Lost growth on money paid in costs | $0 | $22 | $76 |
| Total costs | $140 | $458 | $831 |
| Value after costs | $10,360 | $11,118 | $11,932 |
| Impact on return, per year | 1.40% | 1.40% | 1.40% |
GSAEX 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): 0.1276%
- Total broker commissions: $46K
- Bought from dealers (principal trades, not a cost): $4K
- Portfolio turnover (prospectus): 63%
- Securities on loan, average value: $44K
- Net income from securities lending: $4K (0.010% of average net assets)
GSAEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $8K | 25.18% |
| CITIGROUP GLOBAL MARKETS LIMITED | $4K | 11.45% |
| HSBC BANK PLC | $3K | 10.62% |
| CITIGROUP GLOBAL MARKETS INC. | $3K | 9.35% |
| J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED | $3K | 8.99% |
| UBS SECURITIES ASIA LIMITED | $3K | 8.95% |
| BOFA SECURITIES, INC. | $2K | 7.37% |
| TFI SECURITIES AND FUTURES LIMITED | $2K | 6.92% |
| JEFFERIES INTERNATIONAL LIMITED | $2K | 6.83% |
| Instinet Pacific Limited | $1K | 4.33% |
GSAEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED | $4K | 100.00% |
Goldman Sachs China 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 |
|---|---|---|---|
| GMEPX | Class P | 1.09% | — |
| GSAFX | Class R6 | 1.09% | none |
| GSAIX | Institutional Class | 1.10% | none |
| GSAEX | Investor Shares | 1.21% | none |
| GSAGX | Class A | 1.46% | 5.50% |
| GSACX | 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.