Goldman Sachs Short Duration Tax-Free Fund
Goldman Sachs Trust · 7 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Goldman Sachs Short Duration Tax-Free 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
- Investment grade
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2025 Q3
The Goldman Sachs Short Duration Tax-Free Fund (the Fund) seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.
The fund invests at least 80% of assets in municipal securities rated BBB/Baa or higher, with interest exempt from federal income tax, and targets a duration near the Bloomberg Municipal Bond 1-3 Year Blend Index plus or minus 0.5 years. The manager employs both top-down macro analysis and bottom-up security selection, incorporating credit quality, structure, pricing, and ESG factors alongside duration management and tax loss harvesting. Because individual security selections drive performance relative to the benchmark, results will diverge from the index based on the manager's picks.
| Share class | Gross | Net |
|---|---|---|
| GSDUX | 0.41% | 0.40% |
| GSFSX | 0.91% | 0.90% |
| GSDTX | 0.74% | 0.67% |
| GSTCX | 1.49% | 1.07% |
| GDIRX | 0.49% | 0.42% |
| GDUSX | 0.40% | 0.39% |
| GANPX | 0.40% | 0.39% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 42.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.57% |
| Cash & short-term | 3.33% |
Latest quarter
What changed since the fund's previous filing
Largest new: MARATHON OIL CORP, ARIZONA HEALTH FACS AUTH, PHILADELPHIA PA SCH DIST, KENTUCKY ST PPTY & BLDGS COMMN, UNIVERSITY HOUSTON TEX ×2, MASSACHUSETTS ST, AMADOR WTR AGY CALIF
Largest exited: ARIZONA HEALTH FACILITIES AUTHORITY (AZ), TEXAS TRANSN COMMN ST HWY FD, TRIBOROUGH BRDG & TUNL AUTH N Y, MISSOURI ST HEALTH & EDL FACS AUTH, NEW YORK ST HSG FIN AGY, LONG IS PWR AUTH N Y, NORTH CAROLINA (NC), STATE OF, SAN ANTONIO (TX), CITY OF
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.23% | +10.99% | +8.36% | 1.45% | -0.92% | |
| +3.71% | +9.23% | +5.69% | 1.33% | -1.14% | |
| +3.95% | +9.99% | +6.78% | 1.33% | -1.08% | |
| +3.53% | +8.68% | +4.76% | 1.33% | -1.18% | |
| +4.21% | +10.81% | +8.21% | 1.33% | -1.02% | |
| +4.24% | +10.91% | +8.31% | 1.33% | -1.01% | |
| +4.24% | +10.92% | +8.31% | 1.34% | -1.01% |
These classes hold the same portfolio, so the 3.60pp spread over 5 years is the cost difference between them — roughly 0.72pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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 2026-06-30
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 | 61.3% |
| Floating rate | 33.4% |
| Zero-coupon or unclassified | 5.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 10.2% |
| 1-3y | 23.7% |
| 3-5y | 14.7% |
| 5-10y | 20.2% |
| 10y+ | 31.2% |
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
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 | +2.12 yr |
| High yield | +0.16 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 | 0.07 yr | 3% |
| 1 yr | 0.69 yr | 31% |
| 5 yr | 1.13 yr | 52% |
| 10 yr | 0.27 yr | 13% |
| 30 yr | 0.02 yr | 1% |
| 3 mo | 0.04 yr | 2% |
| 1 yr | 0.57 yr | 25% |
| 5 yr | 1.17 yr | 51% |
| 10 yr | 0.46 yr | 20% |
| 30 yr | 0.05 yr | 2% |
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 | +0.07 | +0.03 | +0.00 | $17.6k | $1.3k |
| 1 yr | +0.69 | +0.54 | +0.03 | $288.8k | $13.3k |
| 5 yr | +1.13 | +1.10 | +0.07 | $581.1k | $38.5k |
| 10 yr | +0.27 | +0.42 | +0.05 | $220.2k | $24.9k |
| 30 yr | +0.02 | +0.03 | +0.02 | $16.3k | $8.1k |
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 |
|---|---|---|---|---|
| — | GOLDMAN SACHS TRUST | 3.33% | $176.78M | — |
| — | PUERTO RICO SALES TAX FINANCING CORP4.50% · due 2034-07-01 | 1.87% | $98.90M | — |
| — | TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORP II (TX)3.29% floating · due 2027-09-15 | 1.01% | $53.60M | — |
| — | MARATHON OIL CORP3.00% floating · due 2037-06-01 | 0.94% | $50.10M | — |
| — | CHANDLER INDUSTRIAL DEVELOPMENT AUTHORITY (AZ)5.00% floating · due 2052-09-01 | 0.85% | $45.34M | — |
| — | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY (NJ)0.00% · due 2027-12-15 | 0.84% | $44.71M | — |
| — | NEW YORK STATE THRUWAY AUTHORITY (NY)5.00% · due 2028-03-15 | 0.79% | $41.76M | — |
| — | ARIZONA HEALTH FACS AUTH3.31% floating · due 2037-01-01 | 0.77% | $40.95M | — |
| — | PUERTO RICO ELECTRIC POWER AUTHORITY3.15% floating · due 2029-07-01 | 0.75% | $39.68M | — |
| — | PUERTO RICO SALES TAX FINANCING CORP0.00% · due 2027-07-01 | 0.70% | $37.13M | — |
Top 10 positions are 11.86% of net assets, top 25 19.65%, across 813 issuers.
See more of this fund's book
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