Goldman Sachs High Yield Municipal Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Goldman Sachs High Yield Municipal Fund held 3,652 positions with $13.80B in net assets. Its ten largest holdings made up 7.4% of the fund. The GHYIX share class costs 0.53% a year. Over the 12 months to May 2026, GHYIX returned 6.9%, with dividends reinvested. In 2026 Q2 it added 124 new positions and exited 50.
The Goldman Sachs High Yield Municipal Fund (the Fund) seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation.
The fund invests at least 80% of assets in tax-exempt municipal securities, with a majority in high-yield (non-investment grade) issues rated BB+/Ba1 or below, selecting securities based on credit profile, yield, structure, and pricing relative to the municipal market. Because the fund's returns depend on the manager's security selection rather than tracking a stated index, performance may diverge materially from its benchmark. The fund may concentrate holdings in issuers within a single state or economic sector.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PUERTO RICO SALES TAX FINANCING CORP 5.00% · due 2058-07-01 | 1.49% | $205.91M | — |
PUERTO RICO SALES TAX FINANCING CORP 0.00% · due 2046-07-01 | 1.05% | $144.67M | — |
PUERTO RICO SALES TAX FINANCING CORP 4.33% · due 2040-07-01 | 0.78% | $107.45M | — |
GOLDMAN SACHS TRUST | 0.77% | $106.25M | — |
DETROIT (MI), CITY OF 4.00% floating · due 2044-04-01 | 0.63% | $86.44M | — |
NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY (NJ) 0.00% · due 2035-12-15 | 0.60% | $82.84M | — |
NEW HOPE CULTURAL ED FACS FIN CORP 5.50% · due 2057-01-01 | 0.60% | $82.75M | — |
SKYFALL INFRASTRUCTURE FING DIST UTAH 7.00% · due 2055-12-01 | 0.51% | $70.95M | — |
PUERTO RICO SALES TAX FINANCING CORP 0.00% · due 2051-07-01 | 0.47% | $65.26M | — |
BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY (OH) 5.00% · due 2055-06-01 | 0.47% | $64.69M | — |
The 200 largest of 3,652 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 97.96% |
| Cash & short-term | 0.77% |
How it has done
GHYIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.99%. Past returns are a record, not a forecast.
Jun 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.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.53% | +6.90% | +16.01% | +4.86% | -7.34% | |
| 0.84% | +6.45% | +14.81% | +3.13% | -7.31% | |
| 1.59% | +5.78% | +12.39% | -0.55% | -7.59% | |
| 0.59% | +6.83% | +15.80% | +4.56% | -7.24% | |
| 0.52% | +6.91% | +16.05% | +4.90% | -7.35% | |
| 0.52% | +6.91% | +16.05% | +4.89% | -7.35% |
These classes hold the same portfolio, so the 5.44pp spread over 5 years is the cost difference between them — roughly 1.09pp a year — not a difference in what they own.
Fees & fund details
Goldman Sachs High Yield Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.52% – 1.59%· GHYIX 0.53%
- Portfolio turnover
- 18.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
124 new· the largest 8
50 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 82.9% |
| Zero-coupon or unclassified | 9.4% |
| Floating rate | 7.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.4% |
| 1-3y | 1.2% |
| 3-5y | 2.1% |
| 5-10y | 8.6% |
| 10y+ | 87.7% |
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 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
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.
| Interest rates | 51% |
| Credit spreads | 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.
| High yield | +4.45 yr |
| Investment grade | +2.99 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 | 0.03 yr | 0% |
| 1 yr | 0.34 yr | 4% |
| 5 yr | 1.32 yr | 17% |
| 10 yr | 3.71 yr | 48% |
| 30 yr | 2.27 yr | 30% |
| 3 mo | 0.08 yr | 1% |
| 1 yr | 0.03 yr | 0% |
| 5 yr | 0.24 yr | 3% |
| 10 yr | 2.23 yr | 30% |
| 30 yr | 4.86 yr | 65% |
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 | +0.03 | +0.00 | +0.08 | $78 | $112.6k |
| 1 yr | +0.34 | +0.02 | +0.02 | $22.3k | $21.7k |
| 5 yr | +1.32 | +0.13 | +0.11 | $176.6k | $152.3k |
| 10 yr | +3.71 | +0.98 | +1.25 | $1.36m | $1.72m |
| 30 yr | +2.27 | +1.87 | +3.00 | $2.58m | $4.13m |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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