GSSMX Fees and Costs — Goldman Sachs Small Cap Value Fund, Class A
Data updated: 2026-07-24
The net expense ratio is 1.26%: a 0.98% management fee, a 0.25% 12b-1 fee plus 0.21% other expenses, less a 0.18% fee waiver. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2025 the fund paid $1.6M in broker commissions, 0.1560% of average net assets, and portfolio turnover was 82%.
GSSMX Fees and Expenses
Annual operating expenses and sales charges of GSSMX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.98% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.44% |
| Fee waiver | −0.18% |
| Net expense ratio | 1.26% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| 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 |
GSSMX Costs Over Time
On $10,000 invested in GSSMX, assuming 5% a year before costs, total costs come to $1,532 over 5 years, cutting the return by 2.65% 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 |
| Sales charges | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.26%) | $125 | $388 | $671 |
| Trading costs (broker commissions) | $15 | $48 | $83 |
| Lost growth on money paid in costs | $27 | $108 | $228 |
| Total costs | $718 | $1,095 | $1,532 |
| Value after costs | $9,782 | $10,481 | $11,231 |
| Impact on return, per year | 7.18% | 3.42% | 2.65% |
GSSMX 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): 0.1560%
- Total broker commissions: $1.6M
- Bought from dealers (principal trades, not a cost): $49.0M
- Portfolio turnover (prospectus): 82%
- Securities on loan, average value: $1.2M
- Net income from securities lending: $33K (0.003% of average net assets)
GSSMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $276K | 22.72% |
| J.P. MORGAN SECURITIES LLC | $167K | 13.71% |
| UBS Securities LLC | $160K | 13.12% |
| JEFFERIES LLC | $146K | 11.97% |
| CITIGROUP GLOBAL MARKETS INC. | $145K | 11.89% |
| EVERCORE GROUP L.L.C. | $84K | 6.89% |
| BOFA SECURITIES, INC. | $70K | 5.78% |
| LIQUIDNET, INC. | $61K | 5.04% |
| KEYBANC CAPITAL MARKETS, INC. | $55K | 4.53% |
| Cowen and Company, LLC | $53K | 4.35% |
GSSMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $13.8M | 28.09% |
| Keefe, Bruyette & Woods, Inc. | $7.6M | 15.43% |
| JEFFERIES LLC | $4.9M | 9.91% |
| CitiGroup Global Markets Inc. | $4.5M | 9.17% |
| STEPHENS INC. | $4.1M | 8.35% |
| PIPER SANDLER & CO. | $3.8M | 7.72% |
| BARCLAYS CAPITAL, INC. | $3.6M | 7.40% |
| J.P. Morgan Securities LLC | $3.3M | 6.71% |
| WEEDEN & CO. L.P. | $2.7M | 5.50% |
| BOFA SECURITIES, INC. | $840K | 1.71% |
Goldman Sachs Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GSSUX | Class R6 | 0.96% | none |
| GSYPX | Class P | 0.96% | — |
| GSSIX | Institutional Class | 0.97% | none |
| GSQTX | Investor Shares | 1.01% | none |
| GSSMX | Class A | 1.26% | 5.50% |
| GSSSX | Service Class | 1.47% | none |
| GSQRX | Class R | 1.51% | none |
| GSSCX | Class C | 2.01% | 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.