Goldman Sachs Short Duration Tax-Free Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Goldman Sachs Short Duration Tax-Free Fund held 1,835 positions with $5.30B in net assets. Its ten largest holdings made up 11.9% of the fund. The GSDUX share class costs 0.4% a year. Over the 12 months to May 2026, GSDUX returned 4.0%, with dividends reinvested. In 2026 Q2 it added 189 new positions and exited 132.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
GOLDMAN SACHS TRUST | 3.33% | $176.78M | — |
PUERTO RICO SALES TAX FINANCING CORP 4.50% · 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 CORP 3.00% 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 AUTH 3.31% floating · due 2037-01-01 | 0.77% | $40.95M | — |
PUERTO RICO ELECTRIC POWER AUTHORITY 3.15% floating · due 2029-07-01 | 0.75% | $39.68M | — |
PUERTO RICO SALES TAX FINANCING CORP 0.00% · due 2027-07-01 | 0.70% | $37.13M | — |
The 200 largest of 1,835 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 | 97.57% |
| Cash & short-term | 3.33% |
How it has done
GSDUX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.44%. 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 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.40% | +4.03% | +11.57% | +8.55% | -0.92% | |
| 0.90% | +3.41% | +9.80% | +5.77% | -1.14% | |
| 0.67% | +3.65% | +10.56% | +6.97% | -1.08% | |
| 1.07% | +3.23% | +9.25% | +4.85% | -1.18% | |
| 0.42% | +3.91% | +11.39% | +8.30% | -1.02% | |
| 0.39% | +3.94% | +11.60% | +8.50% | -1.01% | |
| 0.39% | +3.94% | +11.49% | +8.50% | -1.01% |
These classes hold the same portfolio, so the 3.70pp spread over 5 years is the cost difference between them — roughly 0.74pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.39% – 1.07%· GSDUX 0.40%
- Portfolio turnover
- 42.00% 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.
189 new· the largest 7
132 exited· the largest 8
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.
Understand how this fund fits with the rest.
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