Goldman Sachs Dynamic Municipal Income Fund
Goldman Sachs Trust · Series S000009252 · 7 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2025 Q3
The Goldman Sachs Dynamic Municipal Income Fund (the Fund) seeks a high level of current income that is exempt from regular federal income tax.
The fund invests at least 80% of assets in municipal securities whose interest is exempt from regular federal income tax, using a multi-faceted approach that combines top-down macro analysis with bottom-up security selection based on credit quality, valuation, and portfolio structure; it may hold up to 30% in non-investment-grade municipal bonds and up to 100% in private activity bonds. Because security selection depends on the manager's credit and valuation assessments rather than an index rule, fund holdings and performance may diverge from its benchmark, the Bloomberg Municipal Bond 1-10 Year Blend Index. The fund may concentrate investments within a single state or economic sector.
| Share class | Gross | Net |
|---|---|---|
| GSMTX | 0.41% | 0.39% |
| GSMEX | 0.91% | 0.89% |
| GSMIX | 0.74% | 0.72% |
| GSMUX | 1.49% | 1.47% |
| GUIRX | 0.49% | 0.47% |
| GYISX | 0.40% | 0.38% |
| GAJPX | 0.40% | 0.38% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 27.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 98.26% |
| Cash & short-term | 0.75% |
| Derivatives | 0.04% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: TARRANT CNTY TEX CULTURAL ED FACS FIN CORP, CALIFORNIA CMNTY CHOICE FING AUTH, CONNECTICUT ST HEALTH & EDL FACS AUTH, NEW YORK N Y CITY HSG DEV CORP, BLACK BELT ENERGY GAS DIST ALA ×2, NEW YORK N Y CITY MUN WTR FIN AUTH, MISSISSIPPI BUSINESS FIN CORP MISS
Largest exited: EAST CNTY ADVANCED WTR PURIFIC, KENTUCKY ST PUBLIC ENERGY AUTH, UNIV OF CALIFORNIA CA REVENUES, CHESTER CNTY PA INDL DEV AUTH, CHICAGO IL MIDWAY ARPT REVENUE, CYPRESS-FAIRBANKS TX INDEP SCH, SALES TAX SECURITIZATION CORP, NEW YORK CITY NY TRANSITIONAL
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.2% |
| Floating rate | 14.8% |
| Zero-coupon or unclassified | 4.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.8% |
| 1-3y | 6.3% |
| 3-5y | 6.7% |
| 5-10y | 15.2% |
| 10y+ | 69.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.14 yr |
| High yield | +1.54 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.47 yr | 9% |
| 5 yr | 1.38 yr | 25% |
| 10 yr | 2.76 yr | 50% |
| 30 yr | 0.90 yr | 16% |
| 3 mo | 0.07 yr | 1% |
| 1 yr | 0.19 yr | 3% |
| 5 yr | 0.63 yr | 11% |
| 10 yr | 2.66 yr | 47% |
| 30 yr | 2.15 yr | 38% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.01 | +0.06 | $8.4k | $71.2k |
| 1 yr | +0.47 | +0.15 | +0.04 | $178.1k | $43.1k |
| 5 yr | +1.38 | +0.47 | +0.17 | $547.0k | $196.0k |
| 10 yr | +2.76 | +1.96 | +0.70 | $2.31m | $819.0k |
| 30 yr | +0.90 | +1.56 | +0.58 | $1.84m | $686.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PUERTO RICO SALES TAX FINANCING CORP4.33% · due 2040-07-01 | 1.07% | $125.57M | — |
| — | Goldman Sachs Trust | 0.75% | $88.03M | — |
| — | MASSACHUSETTS ST5.00% · due 2052-08-01 | 0.57% | $67.15M | — |
| — | ARIZONA HEALTH FACILITIES AUTHORITY (AZ)4.16% floating · due 2037-01-01 | 0.53% | $62.34M | — |
| — | SOUTHEAST ENERGY AUTH COOP DIST ALA5.00% · due 2030-10-01 | 0.50% | $59.00M | — |
| — | SOUTHEAST ALA GAS SUPPLY DIST5.00% floating · due 2049-06-01 | 0.45% | $52.63M | — |
| — | CHICAGO ILL BRD ED6.00% · due 2046-04-01 | 0.42% | $49.31M | — |
| — | TEXAS MUN GAS ACQUISITION & SUPPLY CORP II GAS SUPPLY3.32% floating · due 2027-09-15 | 0.38% | $44.76M | — |
| — | NEW YORK ST DORM AUTH5.00% · due 2047-03-15 | 0.35% | $40.68M | — |
| — | PUERTO RICO SALES TAX FINANCING CORP5.00% · due 2058-07-01 | 0.33% | $39.27M | — |
Top 10 positions are 5.35% of net assets, top 25 9.32%, across 1.5K issuers.
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